Question Details

The total dollar amount of assets to be classified as current assets



1.	The following information (in thousands) is for Zháng Office Supplies:
Zháng Office Supplies
Staement of Financial Position
December 31, 2011
Trademark			   ¥70,000	Share Capital	¥120,000	
Land		¥90,000		Retained Earnings	  250,000	
Building	¥100,000					¥370,000
Less Accum.						
Depreciation	 (20,000)	  80,000	  170,000			
Land held for investment			    75,000	Accounts Payable	   60,000	
Prepaid Insurance			    30,000	Salaries Payable	   10,000	
Inventory			    70,000	Mortage Payable	   90,000	
Accounts Receivable			    50,000			
Cash			    65,000			  160,000
Total Assets			 ¥530,000	Total Equity and Liabilities		¥ 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.


2.	The following information is for Acme Auto Supplies:
Acme Auto Supplies
Statement of Financial Position
December 31, 2011

Trademark			     70,000	Accounts Payable	    65,000	
Land		  95,000		Salaries Payable	    10,000	
Building	$100,000			Mortage Payable	    90,000	  165,000
Less Accum.						
Depreciation	(30,000)	  70,000	   165,000			
Land held for investment			     80,000			
Prepaid Insurance			     40,000			
Inventory			     70,000	Share Capital	$120,000	
Accounts Receivable			     50,000	Retained Earnings	  250,000	
Cash			     60,000			$370,000
Total Assets			$  535,000	Total Equity and Liabilities		$ 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.

 
3.	The following information is for Acme Auto Supplies:
Acme Auto Supplies
Statement of Financial Position
December 31, 2011
Trademark			     70,000	Accounts Payable	    65,000	
Land		  95,000		Salaries Payable	    10,000	
Building	$100,000			Mortage Payable	    90,000	  165,000
Less Accum.						
Depreciation	(30,000)	  70,000	   165,000			
Land held for investment			     80,000			
Prepaid Insurance			     40,000			
Inventory			     70,000	Share Capital	$120,000	
Accounts Receivable			     50,000	Retained Earnings	  250,000	
Cash			     60,000			$370,000
Total Assets			$  535,000	Total Equity and Liabilities		$ 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.


4.	The following information is for Acme Auto Supplies:
Acme Auto Supplies
Statement of Financial Position
December 31, 2011
Trademark			70,000	Accounts Payable	    65,000	
Land		  95,000		Salaries Payable	    10,000	
Building	$100,000			Mortage Payable	    90,000	  165,000
Less Accumulated						
Depreciation	(30,000)	  70,000	 165,000			
Land held for investment			80,000			
Prepaid Insurance			40,000			
Inventory			70,000	Share Capital	$120,000	
Accounts Receivable			50,000	Retained Earnings	  250,000	
Cash			60,000			$370,000
Total Assets			$535,000	Total Equity and Liabilities		$ 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.


5.	The following information is for Acme Auto Supplies:
Acme Auto Supplies
Statement of Financial Position
December 31, 2011

Trademark			     70,000	Accounts Payable	    65,000	
Land		  95,000		Salaries Payable	    10,000	
Building	$100,000			Mortage Payable	    90,000	  165,000
Less Accumulated						
Depreciation	(30,000)	  70,000	   165,000			
Land held for investment			     80,000			
Prepaid Insurance			     40,000			
Inventory			     70,000	Share Capital	$120,000	
Accounts Receivable			     50,000	Retained Earnings	  250,000	
Cash			     60,000			$370,000
Total Assets			 $ 535,000	Total Equity and Liabilities		$ 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.




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