Multiple Choice Question 120 The following information is for Teal Auto Supplies

ID: 2398165 • Letter: M

Question

Multiple Choice Question 120 The following information is for Teal Auto Supplies Teal Auto Supplies Balance Sheet December 31, 2018 41000 Accounts Payable Cash Prepaid Insurance Accounts Receivable S 132000 52000 147000 331000 78000 Salaries and Wages Payable 98000 Mortgage Payable 141000 Tota Liabilities 184000 255000 Land Held for Investment Land Buildings Common Stock Retained Earnings 5399000 348000 5201000 Less Accumulated Depreciation 747000 140000 141000 1078000 61000 Total Liabilities and Trademark Total Assets Stockholders Equity $1078000 The total dollar amount of assets to be classified as current assets is O $358000 O $499000 O $219000 O $139000

Explanation / Answer

Answer

Cash

$ 41,000.00

Prepaid Insurance

$ 78,000.00

Accounts receivables

$ 98,000.00

Inventory

$ 141,000.00

Total current assets

$ 358,000.00 [Option 1]