Question
The December 31, 2024 trial balance for Acme Auto Supplies is presented below: Accounts Dr Cr Accounts Payable 65,000 Accounts Receivable 50,000 Building 70,000 Cash
The December 31, 2024 trial balance for Acme Auto Supplies is presented below: Accounts Dr Cr Accounts Payable 65,000 Accounts Receivable 50,000 Building 70,000 Cash 60,000 Common Stock 120,000 Deferred Rent Expense 25,000 Inventory 50,000 Land 95,000 Land held for investment 90,000 Mortgage Payable 90,000 Prepaid Insurance 40,000 Retained Earnings 235,000 Salaries Payable 10,000 Supplies 10,000 Trademark 70,000 Unearned Service Revenue 40,000 The total dollar amount of assets to be classified as current assets is
a. $235,000.
b. $210,000.
c. $300,000.
d. $560,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started