6.Use this information to answer the following question. J. & B. Auto Parts, Inc

Question

6.Use this information to answer the following question. J. & B. Auto Parts, Inc. Balance Sheet December 31,2007 Assets Cash S60,000 Short-term investments 40,000 Notes receivable (due in ten months) 30,000 Accounts receivable Merchandise inventory 70,000 Land held for future use Land 90,000 Building S100,000 Less accumulated depreciation 20,000 Trademark Total assets S510,000 Liabilities Notes payable (due in six months) S50,000 Accounts payable 20,000 Salaries payable 10,000 Mortgage payable (due in seven years) 60,000 Total liabilities S170,000 Stockholders' Equity Common stock S310,000 Retained earnings 60,000 Total stockholders' equity 370,000 Total liabilities and stockholders' equity

Explanation / Answer

Investment represent the long term investment of any entity held for more than one year. There is land use for future will be long term investment.

(D) 50000

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