Question
Use the following data to determine the total dollar amount of assets to be classified as current assets. Pretty Pet Supplies Balance Sheet December 31,
Use the following data to determine the total dollar amount of assets to be classified as current assets.
Pretty Pet Supplies
Balance Sheet
December 31, 2022
Cash$126,000Accounts payable$165,000
Accounts receivable120,000Salaries and wages payable30,000
Inventory210,000Note payable (due 2025)270,000
Short-term investments90,000Total liabilities465,000
Land (held for future use)255,000
Land285,000
Buildings$339,000Common stock360,000
Less: AccumulatedRetained earnings750,000
depreciation(60,000)279,000Total stockholders' equity1,110,000
Franchise210,000Total liabilities and
Total assets$1,050,000stockholders' equity$1,575,000
a.$801,000
b.$336,000
c.$546,000
d.$546,000
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