Use the Following Data to Determine the Total Dollar Amount

question 70

Multiple Choice

Use the following data to determine the total dollar amount of assets to be classified as current assets. $\begin{array} { l } \text {Edie's Flomer Shoppe }\\\text {Balance Sheet }\\\text { December 31,2022 }\\\begin{array}{lr}\text { Cash } & \$ 126,000 \\\text { Accounts receivable } & 120,000 \\\text { Inventory } & 210,000 \\\text { Prepaid insurance } & 90,000 \\\text { Stock investments } & 255,000 \\\text { Land } & 285,000\\\text { Buildings } & \$ 339,000 & \\\text { Less: Accumulated } & & \\\quad \text { depreciation } (60,000) & 279,000 \\\text { Trademarks } & 210,000 \\\text { Total assets } & \$ 1575,000\end{array}&\begin{array}{lr}\text { Accounts payable } & \$ 165,000 \\\text { Salaries and wages payable } & 30,000 \\\text { Mortgage payable } & 270,000 \\\hline \text { Total liabilities } & 465,000\\\\\\\text { Common stock } & \$ 360,000 \\\text { Retained earnings } &{750,000}\\\text { Total stockholders' equity } & 1,110,000 \\\text { Total liabilities and } & \\\text { stockholders' equity } & \$ 1,575,000\end{array}\end{array}$

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Definitions:

NaBr

Sodium bromide, a salt with various uses including in medicines, as a sedative, and in photographic processing.

React

To undergo a chemical change or transformation in response to another substance or condition.

Sodium Chloride

The chemical name for table salt, a compound with the formula NaCl, widely used as a condiment and preservative.

Sodium

A soft, silver-white, highly reactive metal belonging to the alkali metal series in the periodic table, denoted by the symbol Na.