Question
Use the following data to determine the total dollar amount of assets to be classified as investments. Pretty Pet Supplies Balance Sheet December 31, 2022
Use the following data to determine the total dollar amount of assets to be classified as investments.
Pretty Pet Supplies
Balance Sheet
December 31, 2022
Cash $ 126,000 Accounts payable $ 165,000
Accounts receivable 120,000 Salaries and wages payable 30,000
Inventory 210,000 Note payable (due 2025) 270,000
Short-term investments 90,000 Total liabilities 465,000
Land (held for future use) 255,000
Land 285,000
Buildings $339,000 Common stock 360,000
Less: Accumulated Retained earnings 750,000
depreciation (60,000) 279,000 Total stockholders equity 1,110,000
Franchise 210,000 Total liabilities and
Total assets $1,575,000 stockholders equity $1,575,000
a. $0
b. $465,000
c. $255,000
d. $585,000
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