The classified balance sheet for a company reported current assets of $1,299,200, total liabilities of $805,540,...

The classified balance sheet for a company reported current assets of $1,299,200, total liabilities of $805,540, Common Stock of $1,060,000, and Retained Earnings of $136,260. The current ratio was 2.

What is the total amount of noncurrent assets?

a) $702,600

b)$649,600

c)$493,660

d)$102,940

Expert Solution

Solution:

Total liabilities and stockholder's equity = 805,540+1,060,000+136,260

= $2,001,800

Non Current assets = Total liabilities and stockholder's equity-Current assets.

= 2,001,800 - 1,299,200

Non Current assets = $702,600

Option "A" is correct answer.

ekkarill92 answered 2 years ago

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