Question

In: Economics

Use the following data to determine the total dollar amount of assets to be classified as...

Use the following data to determine the total dollar amount of assets to be classified as current assets.

Sunland Company
Balance Sheet
December 31, 2022
Cash $187000 Accounts payable $201000
Accounts receivable 140000 Salaries and wages payable 27000
Inventory 170000 Mortgage payable 246500
Prepaid insurance 90700 Total liabilities $474500
Stock investments (long-term) 261000
Land 281000
Buildings $303000 Common stock $371200
Less: Accumulated depreciation (63500) 239500 Retained earnings 748500
Goodwill 225000       Total stockholders' equity $1119700
Total assets $1594200            Total liabilities and            stockholders' equity $1594200

$587700

$497000

$417700

$848700

Solutions

Expert Solution

a) $587700

Current assets are highly liquid assets that are expected to be converted to cash within a year.

Here the current assets are Cash ($187000) + Accounts receivable ($140000) + Inventory ($170000) + Prepaid Insurance ($90700) = $587700

Rahul Sunny answered 2 years ago
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