Question
The following selected data (in thousands) was taken from the year-end financial records of Tinker Company dated December 31, 20X5. Use this information to answer
The following selected data (in thousands) was taken from the year-end financial records of Tinker Company dated December 31, 20X5. Use this information to answer the following questions regarding Tinker's classified balance sheet.
Accounts payable | $45.6 |
| Furniture | $112.2 |
Accounts receivable | 65.9 |
| Goodwill | 89.6 |
Accrued interest on bonds payable | 2.8 |
| Investment revenue | 1.1 |
Accrued interest on notes receivable | 1.5 |
| Land held for future use | 25.6 |
Accumulated depreciation-equipment | 6.8 |
| Short-term securities | 8.2 |
Allowance for doubtful accounts | -3.2 |
| Merchandise inventory | 43.5 |
Bond sinking fund | 64.0 |
| Notes payable due 03/12/20X6 | 86.3 |
Bonds payable | 75.3 |
| Notes receivable due 05/10/20X7 | 1.4 |
Cash in bank | 14.9 |
| Office supplies | 0.3 |
Customer advances | 5.4 |
| Office supplies expense | 0.4 |
Common stock | 136.2 |
| Petty cash | 0.1 |
Copyright | 4.1 |
| Premium on bonds payable | 0.8 |
Current portion of long term debt | 1.6 |
| Prepaid expenses | 0.2 |
Discount on bonds payable | 2.3 |
| Salaries payable | 2.4 |
Dividends payable | 25.1 |
| Treasury stock | 1.8 |
___ 30. | Tinker's classified balance sheet will report total current assets of | |
| A) | $129.9 |
| B) | $131.2 |
| C) | $131.4 |
| D) | $136.8 |
| E) | $137.8 |
___ 31. | Tinker's classified balance sheet will report total current liabilities of | |
| A) | $163.8 |
| B) | $166.4 |
| C) | $167.6 |
| D) | $169.2 |
| E) | $176.0 |
___ 32. | Tinker's classified balance sheet will report total long-term investments of | |
| A) | $25.6 |
| B) | $26.7 |
| C) | $89.6 |
| D) | $90.7 |
| E) | $164.9 |
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