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Using the following data to determine the total dollar amount of assets to be classified as current assets. Ace Supply Company Balance Sheet December 31,
Using the following data to determine the total dollar amount of assets to be classified as current assets.
Ace Supply Company Balance Sheet December 31, 2025 Cash $126000 Accounts payable $165000 Accounts receivable Inventory Short-term investments 120000 Salaries and wages payable 30000 210000 Note payable (due 2028) 270000 90000 Total liabilities 465000 Land (held for future use) 255000 Land 285000 Buildings $339000 Common stock 360000 Less: Accumulated depreciation (60000) 279000 Retained earnings 750000 Franchise 210000 Total stockholders' equity 1110000 Total assets $1575000 Total liabilities and stockholders' equity $1575000
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