The Following Information Is for Central Avenue Real Estate The Total Dollar Amount of Assets to Be Classified as \text

question 13

Multiple Choice

The following information is for Central Avenue Real Estate: $\begin{array}{c} \text { Central Avenue Real Estate}\\ \text { Balance Sheet }\\ \text { December 31, 2016}\\\\\begin{array}{lll} \text { Cash}& & \$ 25,000 \\ \text { Prepaid Insurance } & & 40,000 \\ \text { Accounts Receivable } & & 50,000 \\ \text {Inventory} & & 80,000 \\\text {Land Held for Investme } & & 75,000 \\\text {Land }& & 120,000 \\ \text { Building } & \$ 110,000 & \\\text { Less Accumulated } \\\text { Depreciation } & (20,000) &90,000 \\ \text { Trademark } & &70,000 \\ \text {Total Assets}&&\$550,000\\\end{array}\begin{array}{lr}\text { Accounts Payable } & \$ 60,000 \\\text { Salaries and Wages Payable } & 25,000 \\\text { Mortgage Payable } & 85,000\\\quad \text { Total Liabilities } & 170,000\\\\\\\\\text { Owner's Capital } &380,000 \\\\\text { Total Liabilities and } & \\\text { Owner's Equity } & \$ 550,0000\end{array}\end{array}$
The total dollar amount of assets to be classified as investments is

• A) $0.
• B) $80000.
• C) $75000.
• D) $175000.

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