Use the following data to determine the total dollar amount of assets - 14328

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Use the following data to determine the total dollar amount of assets to be classified as investments.

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 Depreciation

(40,000)

160,000

 

Retained Earnings

500,000

Trademarks

 

140,000

 

      Total Stockholders' Equity

$740,000

Total Assets

 

$1,060,000

 

           Total Liabilities and Stockholders' Equity

$1,060,000

 

 

$0.

 

 

$360,000.

 

 $300,000.

 

$150,000.

 

 

Solution Description