28. What amount of current assetswould appear on the balance sheet? A) $72,000 B

Question

28.       What amount of current assetswould appear on the balance sheet?

           A)      $72,000

           B)      $74,000

           C)      $83,000

           D)      $97,000

           E)      None of the above is correct.

29.       What amount of currentliabilities would appear on the balance sheet?

           A)      $15,000

           B)      $19,000

           C)      $22,000

Accounts Payable $   15,000 Accounts Receivable 25,000 Accumulated Depreciation – Building 25,000 Building 110,000 Capital Stock 60,000 Cash 25,000 Interest Payable 2,000 Merchandise Inventory 20,000 Land 60,000 Prepaid Insurance 3,000 Retained Earnings 64,000 Currently maturing portion of the Note Payable 5,000 Supplies 1,000 Unearned Rent 2,000 Note Payable (due in annual installments over fiveyears) 20,000

Explanation / Answer

28. B - 74,000 A/R -        25,000 Cash -       25,000 Inventory - 20,000 Prepaid -      3,000 Supplies-       1,000                  74,000 29. D -24,000 A/P   -        15,000 I/P   -          2,000 N/P current    5,000 Unearned rent 2,000                       24,000

Related Questions

Navigate

• Browse (All)
• Browse 2
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.