Question
Use the following data to determine the total dollar amount of assets to be classified as current assets. Pharoah Company Balance Sheet December 31, 2017
Use the following data to determine the total dollar amount of assets to be classified as current assets.
| Pharoah Company | |||||
| Balance Sheet | |||||
| December 31, 2017 | |||||
| Cash | $71500 | Accounts payable | $128000 | ||
| Accounts receivable | 89500 | Salaries and wages payable | 18100 | ||
| Inventory | 147500 | Mortgage payable | 160500 | ||
| Prepaid insurance | 82000 | Total liabilities | $306600 | ||
| Stock Investments | 192500 | ||||
| Land | 194500 | ||||
| Buildings | $200500 | Common stock | $235900 | ||
| Less: Accumulated depreciation | (53000) | 147500 | Retained earnings | 510500 | |
| Trademarks | 128000 | Total stockholders' equity | $746400 | ||
| Total assets | $1053000 | Total liabilities and stockholders' equity | $1053000 | ||
$390500
$243000
$306600
$583000
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Horngrens Financial and Managerial Accounting
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
5th edition
9780133851281, 013385129x, 9780134077321, 133866297, 133851281, 9780133851298, 134077326, 978-0133866292
