Below Is a List of Various Balance Sheet Accounts and Their

question 35

Multiple Choice

Below is a list of various balance sheet accounts and their balances. $\begin{array}{|l|l|l|}\hline \text { Accounts } & {\text { Debit }}&\text { Credit } \\\hline \text { Building } & \$ 120,000 \\\hline \text { Building } & \$ 130,000 \\\hline \text { Cash } & 7000 \\\hline \text { Supplies } & 1000 \\\hline \text { Furniture } & 6000 \\\hline \text { Prepaid insurance } & 4700 \\\hline \text { Accumulated depreciation - furniture } & & \$ 950 \\\hline \text { Land } & 34,000 & \\\hline \text { Accumulated depreciation - building } & & 4700 \\\hline \text { Accounts receivable } & 950 &\\\hline\end{array}$ What are the total non-current assets that would be shown on the balance sheet?

• A)$164,000
• B)$130,000
• C)$164,350
• D)$170,000

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Definitions:

Journal Entry

A record in the books of accounts that captures the financial transactions of a business.

Discount on Bonds Payable

The disparity between a bond's nominal value and its market price, occurring when the bond is traded at a price below its nominal value.

Straight-line Amortization

An accounting method of incrementally reducing the cost value of an intangible asset over its useful life.

Interest Payment

The payment a borrower makes to a lender as compensation for the use of borrowed money.