Use the following data to determine the total dollar amount of assets to be clas

Question

Use the following data to determine the total dollar amount of assets to be classified as current assets.
Koonce Office Supplies
Balance Sheet
December 31, 2012

Cash $130,000 Accounts Payable $140,000 Prepaid Insurance 60,000 Salaries Payable 20,000 Accounts Receivable 100,000 Mortgage Payable 160,000 Inventory 140,000 Total Liabilities $320,000 Land held for Investment 150,000 Land 180,000 Buildings $200,000 Common Stock $240,000 Less Accumulated Retained Earnings 500,000 Depreciation (40,000) 160,000 Total Stockholders

Explanation / Answer

$430,000.

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