Use the Following Data to Determine the Total Dollar Amount

question 9

Multiple Choice

Use the following data to determine the total dollar amount of assets to be classified as current assets. $\begin{array} { l } \text { Koonce Office Supplies}\\ \text { Balance Sheet }\\ \text { December 31,2022}\\\begin{array}{lr}\text { Cash } & \$ 195,000 \\\text { Accounts receivable } & 150,000 \\\text { Inventory } & 165,000 \\\text { Prepaid insurance } & 90,000 \\\text { Stock investments } & 255,000 \\\text { Land } & 270,000\\ \text { Buildings}&\$315,000\\ \text {Less: Accumulated }\\\text { depreciation } (60,000) & 255,000 \\\text { Trademarks } & 210,000 \\\text { Total assets } & \$ 1590,000\\\end{array}&\begin{array}{lr}\text { Accounts payable } & \$ 210,000 \\\text { Salaries and wages payable } & 30,000 \\\text { Mortgage payable } & 240,000 \\\quad \text { Total liabilities } & 480,000\\\\\\\text { Common stock } & 360,000 \\\text { Retained earnings } &{750,000} \\\text { Total stockholders' equity } & 1,110,000 \\\text { Total liabilities and } & \\\text { stockholders' equity } & \$ 1590,000\\\end{array}\end{array}$

---

Definitions:

Selective Disclosure

The practice of revealing information to certain individuals or groups while keeping it hidden from others.

Deception

The act of misleading or deceiving others by hiding the truth or presenting false information.

Constructive Conflict

A type of conflict where discussion and disagreements lead to positive outcomes, such as solutions or improvements.

Gradually Correct

To make changes or adjustments in a steady, step-by-step manner to improve or rectify.