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 agoRelated Solutions
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