Use the Following Data to Determine the Total Dollar Amount

question 117

Multiple Choice

Use the following data to determine the total dollar amount of assets to be classified as current assets. Carne Auto Supplies
Balance Sheet
December 31, 2017
$\begin{array}{lrlr}\text { Cash } & \$ 70,000 & \text { Accounts payable } & \$ 130,000 \\\text { Accounts receivable } & 100,000 & \text { Salaries and wages payable } & 20,000 \\\text { Inventory } & 140,000 & \text { Mortgage payable } & 180,000 \\\text { Prepaid insurance } & 80,000 & \text { Total liabilities } & \$ 330,000 \\\text { Stock investments } & 180,000 & &\\\text { Land } & 190,000 \\\text { Buildings } \quad \$ 230,000 &&\text { Common stock }&\$240,000\\\text { Less: Accumulated }&&\text { Retained earnings }&500,000\\\text { depreciation }\quad(60,000) &170,000&\text { Total stockholders' equity }&\$740,000\\\text { Trademarks } & 140,000&\text { Total liabilities and }\\\text { Total assets }&\$1,070,000&\text { stockholders' equity }&\$1,070,000\end{array}$

• A)$390,000
• B)$250,000
• C)$570,000
• D)$330,000

---

Definitions:

Omnivores

Organisms that consume both plant and animal matter as part of their diet.

Carnivores

Animals that feed on other animals.

Biogeochemical Cycle

Circulating pathway of elements, such as carbon and nitrogen, involving exchange pools, storage areas, and biotic communities.

Sedimentary

Describing rocks formed by the accumulation or deposition of mineral or organic particles at the Earth's surface, including processes of compaction and cementation.