Use the Following Data to Determine the Total Dollar Amount

question 180

Multiple Choice

Use the following data to determine the total dollar amount of assets to be classified as current assets. Eddy Auto Supplies
Balance Sheet
December 31, 2017
$\begin{array}{lrlr}\text { Cash } & \$ 126,000 & \text { Accounts payable } & \$ 165,000 \\\text { Accounts receivable } & 120,000 & \text { Salaries and wages payable } & 30,000 \\\text { Inventory } & 210,000 & \text { Mortgage payable } & 270,000\\\text { Prepaid insurance } & 90,000 & \text { Total liabilities } &\$465,000\\\text { Stock investments } & 255,000 & \\\text { Land } & 285,000 &\\\text { Buildings }\quad\$339,000&&\text { Common stock } & \$ 360,000 \\\text { Less: Accumulated }&&\text { Retained earnings } & 750,000\\\text { depreciation }\quad(60,000) &279,000&\text { Total stockholders' equity }&\$1,110,000\\\text { Trademarks }&210,000&\text { Total liabilities and }\\\text { Total assets }&\$1,050,000&\text { stockholders' equity }&\$1,575,000\end{array}$

• A)$801,000
• B)$336,000
• C)$546,000
• D)$546,000.

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Definitions:

Implicit Memory

A type of long-term memory that is not conscious but is revealed when performing tasks that depend on prior knowledge or experiences.

Working Memory

A capacity-constrained cognitive mechanism focused on the short-term holding of information to be processed.

Shallow Processing

A cognitive processing strategy that focuses on surface attributes of a stimulus, such as its appearance or sound, rather than its deeper meaning.

Deep Processing

A method of learning that involves engaging with the material on a meaningful level, as opposed to shallow or surface-level processing.