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The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020 Cash $ 45,000 Accounts Payable 140,000 60,000 Prepaid Insurance
The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020 Cash $ 45,000 Accounts Payable 140,000 60,000 Prepaid Insurance 80,000 Salaries and Wages Payable Mortgage Payable 150,000 Total Liabilities 350,000 Accounts 110,000 Receivable Inventory 140,000 Land Held for 185,000 Investment Land 250,000 Building $200,000 Less Accumulated Depreciation (50,000) 150,000 Trademark 140,000 Total Assets $1,100,000 Owner's Capital 750,000 Total Liabilities and Owner's $1,100,000 Equity The total dollar amount of assets to be classified as investments is a) $0. Cash $ 25,000 Accounts Payable $ 60,000 Prepaid Insurance 40,000. Salaries and Wages 25,000 Payable Accounts 50,000 Mortgage Payable 85,000 Receivable Inventory 80,000 Total Liabilities 170,000 Land Held for 75,000 Investment Land 120,000 Building $110,000 Less Owner's Capital 380,000 Accumulated Depreciation (20,000) 90,000 Trademark 70,000 Total Liabilities and Total Assets $550,000 Owner's $550,000 Equity in The total dollar amount of assets to be classified as investments is a) $80,000. Ob) $0. c) $75,000 d) $175,000
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