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

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Definitions:

Legally a Crime

An act or omission that violates statutory law, making it punishable by the government.

Defense of Property

A legal doctrine that allows an individual to use reasonable force to protect their property from being damaged or stolen.

Reasonable Force

The minimum amount of force necessary to protect oneself, others, or property while remaining legally justified under the circumstances.

Voluntary Manslaughter

The intentional killing of a human being without premeditation or malice, often occurring in the "heat of passion" or under circumstances that partially excuse or mitigate the action.