The Following Information Is for Qwik Auto Supplies The Total Dollar Amount of Assets to Be Classified as

question 198

Multiple Choice

The following information is for Qwik Auto Supplies: $\begin{array}{c} \text { Qwik Auto Supplies }\\ \text { Balance Sheet }\\ \text { December 31, 2016}\\\\\begin{array}{lll} \text { Cash}& & \$ 45,000 \\ \text { Prepaid Insurance } & & 80,000 \\ \text { Accounts Receivable } & & 110,000 \\ \text {Inventory} & & 140,000 \\\text {Land Held for Investme } & & 185,000 \\\text {Land }& & 250,000 \\ \text { Building } & \$ 200,000 & \\\text { Less Accumulated } \\\text { Depreciation } & (50,000) &150,000 \\ \text { Trademark } & &140,000 \\ \text {Total Assets}&&\$1,100,000\\\end{array}\begin{array}{lr}\text { Accounts Payable } & \$ 140,000 \\\text { Salaries and Wages Payable } & 60,000 \\\text { Mortgage Payable } & 150,000\\\quad \text { Total Liabilities } & 350,000\\\\\\\\\text { Owner's Capital } &750,000 \\\\\text { Total Liabilities and } & \\\text { Owner's Equity } & \$1,100,000\end{array}\end{array}$
The total dollar amount of assets to be classified as current assets is

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Definitions:

Parties

Social gatherings or events where people interact for entertainment, or organizational entities involved in legal agreements or political contexts.

False Alternative

A logical fallacy that occurs when only limited alternatives are considered, when in fact more options are available.

Dichotomy

A division or contrast between two things that are or are represented as being opposed or entirely different.

Argument

A series of statements or reasons made to persuade others that an idea or point of view is correct or valid.