118.The following information is for Benton Office Supplies:
Benton Office Supplies
Balance Sheet
December 31, 2011
Cash$ 65,000Accounts Payable$ 60,000
Prepaid Insurance30,000Salaries Payable10,000
Accounts Receivable50,000Mortage Payable 90,000
Inventory70,000Total Liabilities$160,000
Land held for investment75,000
Land90,000
Building$100,000Common Stock$120,000
Less AccumulatedRetained Earnings 250,000
Depreciation(20,000)80,000Total stockholder's equity$370,000
Trademark 70,000Total Liabilities and
Total Assets$530,000Stockholders' Equity$530,000
The total dollar amount of assets to be classified as investments is
a.$0.
b.$150,000.
c.$75,000.
d.$180,000.
119.The following information is for Benton Office Supplies:
Benton Office Supplies
Balance Sheet
December 31, 2011
Cash$ 65,000Accounts Payable$ 60,000
Prepaid Insurance30,000Salaries Payable10,000
Accounts Receivable50,000Mortage Payable 90,000
Inventory70,000Total Liabilities$160,000
Land held for investment75,000
Land90,000
Building$100,000Common Stock$120,000
Less AccumulatedRetained Earnings 250,000
Depreciation(20,000)80,000Total stockholder's equity$370,000
Trademark 70,000Total Liabilities and
Total Assets$530,000Stockholders' Equity$530,000
The total dollar amount of liabilities to be classified as current liabilities is
a.$70,000.
b.$60,000.
c.$150,000.
d.$160,000.
120.The following information is for Acme Auto Supplies:
Acme Auto Supplies
Balance Sheet
December 31, 2011
Cash$ 60,000Accounts Payable$ 65,000
Prepaid Insurance40,000Salaries Payable10,000
Accounts Receivable50,000Mortage Payable 90,000
Inventory70,000Total Liabilities$165,000
Land held for investment80,000
Land95,000
Building$100,000Common Stock$120,000
Less AccumulatedRetained Earnings 250,000
Depreciation(30,000)70,000Total stockholder's equity$370,000
Trademark 70,000Total Liabilities and
Total Assets$535,000Stockholders' Equity$535,000
The total dollar amount of assets to be classified as current assets is
a.$220,000.
b.$150,000.
c.$300,000.
d.$180,000.
121.The following information is for Acme Auto Supplies:
Acme Auto Supplies
Balance Sheet
December 31, 2011
Cash$ 60,000Accounts Payable$ 65,000
Prepaid Insurance40,000Salaries Payable10,000
Accounts Receivable50,000Mortage Payable 90,000
Inventory70,000Total Liabilities$165,000
Land held for investment80,000
Land95,000
Building$100,000Common Stock$120,000
Less AccumulatedRetained Earnings 250,000
Depreciation(30,000)70,000Total stockholder's equity$370,000
Trademark 70,000Total Liabilities and
Total Assets$535,000Stockholders' Equity$535,000
The total dollar amount of assets to be classified as property, plant, and equipment is
a.$315,000.
b.$245,000.
c.$165,000.
d.$195,000.
122.The following information is for Acme Auto Supplies:
Acme Auto Supplies
Balance Sheet
December 31, 2011
Cash$ 60,000Accounts Payable$ 65,000
Prepaid Insurance40,000Salaries Payable10,000
Accounts Receivable50,000Mortage Payable 90,000
Inventory70,000Total Liabilities$165,000
Land held for investment80,000
Land95,000
Building$100,000Common Stock$120,000
Less AccumulatedRetained Earnings 250,000
Depreciation(30,000)70,000Total stockholder's equity$370,000
Trademark 70,000Total Liabilities and
Total Assets$535,000Stockholders' Equity$535,000
The total dollar amount of assets to be classified as investments is
a.$0.
b.$150,000.
c.$80,000.
d.$180,000.
123.The following information is for Acme Auto Supplies:
Acme Auto Supplies
Balance Sheet
December 31, 2011
Cash$ 60,000Accounts Payable$ 65,000
Prepaid Insurance40,000Salaries Payable10,000
Accounts Receivable50,000Mortage Payable 90,000
Inventory70,000Total Liabilities$165,000
Land held for investment80,000
Land95,000
Building$100,000Common Stock$120,000
Less AccumulatedRetained Earnings 250,000
Depreciation(30,000)70,000Total stockholder's equity$370,000
Trademark 70,000Total Liabilities and
Total Assets$535,000Stockholders' Equity$535,000
The total dollar amount of liabilities to be classified as current liabilities is
a.$65,000.
b.$75,000.
c.$155,000.
d.$165,000.
124.All of the following are property, plant, and equipment except
a.supplies.
b.machinery.
c.land.
d.buildings.
125.The first item listed under current liabilities is usually
a.accounts payable.
b.notes payable.
c.salaries payable.
d.taxes payable.
126.Office Equipment is classified in the balance sheet as
a.a current asset.
b.property, plant, and equipment.
c.an intangible asset.
d.a long-term investment.
127.A current asset is
a.the last asset purchased by a business.
b.an asset which is currently being used to produce a product or service.
c.usually found as a separate classification in the income statement.
d.an asset that a company expects to convert to cash or use up within one year.