Question 16 (4 points) ved Land90,000 Ace Auto Supplies Balance Sheet December 31, 2001 $70,000 10,000 90.000 70,000 Total Liabilities $170,000 Cash $60,000 Accounts Payable 40,000 Salaries Payable Prepaid Insurance Accounts Receivable Inventory Land held for future use Building Less Accumulated Depreciation 50,000 Mortgage Payable 80,000 $100,000 Common Stock Retained Earnings $120,000 250.000 (20000) Total $370.000 80,000 stockholders' equity 70,000 Total Liabilities and Trademark 13 Total Assets $540,000 Stockholders $540,000 Equity The total amount of working capital is 1) $140,000. 2) $370,000. 3) $40,000. 4) $60,000. 18 Save