Accounts payable	2,300
Accounts Receivable	1,500
Accumulated depreciation - Equipment	4,000
Cash	2,600
Common Stock	4,800
Equipment	7,500
Inventory	400
Land	10,000
Land held as long term investment	8,000
Notes payable (due in 5 Years)	6,000
Patent	2,500
Retained Earnings 1/1	16,000
Short- term investments	1,000
Wages Payable	400

Required: Calculate following amounts. Show all work.

1. Total Current Assets (in order of liquidity)

2. Total property, plant, and equipment

3. Total Assets

4. Total Current liabilities

5. Total Liabilities

6. Total Stockholders equity

• Prove that A=L+SE with answers calculated above

#4

A corporation purchased a truck for $86,000. The company expected the truck to last for 5 years or 100,000 miles, with an estimated value of $5,000 at the end of that time. During the second year, the truck was driven 18,000 miles. Compute depreciation for the second year under each of the methods below.

Show all work

1. Straight-line

2. Double-declining balance

3. Unity of Activity