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

question 158

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 property plant and equipment is

---

Definitions:

Business Person

An individual who engages in activities related to the purchase, sale, or exchange of goods or services with the intent of generating profit.

Tort Standards

Legal criteria or benchmarks used to evaluate the actions of individuals or entities in tort cases, typically relating to negligence or harm.

Legislation

The act of making or enacting laws.

Modified Examples

Adjusted or altered instances used to illustrate a point or explain something in a different or clearer context.