The following information is for Sunland Auto Supplies: Sunland Auto Supplies Balance Sheet December 31, 2018...

The following information is for Sunland Auto Supplies:

Sunland Auto Supplies Balance Sheet December 31, 2018
Cash		$ 39000	Accounts Payable		$ 129000
Prepaid Insurance		80000	Salaries and Wages Payable		54000
Accounts Receivable		99000	Mortgage Payable		155000
Inventory		142000	Total Liabilities		338000
Land Held for Investment		182000
Land		251000
Buildings	$197000		Common Stock	$397000
Less Accumulated			Retained Earnings	332000	729000
Depreciation	(65000)	132000
Trademark		142000	Total Liabilities and
Total Assets		$1067000	Stockholders’ Equity		$1067000

The total dollar amount of assets to be classified as current assets is

$502000.

$138000.

$222000.

$360000.

Expert Solution

Description		Amount	Remarks
Cash		$39,000	Current asset
Prepaid Insurance		80000	Current asset
Accounts Receivable		99000	Current asset
Inventory		142000	Current asset
Land Held for Investment		182000	Investment
Land		251000	Property, Plant & Equipment
Buildings	$197,000
Less Accumulated Depreciation	-65000	$132,000	Property, Plant & Equipment
Trademark		142000	Intangibles
Total Assets		$1,067,000




Description		Amount	Remarks
Cash		39,000	Current asset
Prepaid Insurance		80,000	Current asset
Accounts Receivable		99,000	Current asset
Inventory		142,000	Current asset
Total current assets		360,000

So the last option is correct

ekkarill92 answered 2 months ago

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