15)Use the following data to determine the total dollar amount of assets to be classified as current assets. Vitz Pool Supplies Balance Sheet December 31, 2024 Cash and cash equivalents $ 1,000 Accounts payable $ 1,800 Accounts receivable 200 Salaries and wages payable 200 Inventory 1,500 Bonds payable 40,000 Prepaid insurance 300 Total liabilities 42,000 Stock investments 2,000 Land 3,000 Buildings $20,000 Common stock 15,000 Less: Accumulated Retained earnings (25,000) depreciation (6,000) 14,000 Total stockholders' equity (10,000) Goodwill 10,000 Total liabilities and Total assets $32,000 stockholders' equity $32,000 A) $8,000 B) $5,000 C) $2,000 D) $3,000
15)Use the following data to determine the total dollar amount of assets to be classified as current assets. Vitz Pool Supplies Balance Sheet December 31, 2024 Cash and cash equivalents $ 1,000 Accounts payable $ 1,800 Accounts receivable 200 Salaries and wages payable 200 Inventory 1,500 Bonds payable 40,000 Prepaid insurance 300 Total liabilities 42,000 Stock investments 2,000 Land 3,000 Buildings $20,000 Common stock 15,000 Less: Accumulated Retained earnings (25,000) depreciation (6,000) 14,000 Total stockholders' equity (10,000) Goodwill 10,000 Total liabilities and Total assets $32,000 stockholders' equity $32,000 A) $8,000 B) $5,000 C) $2,000 D) $3,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 9MCQ: Refer to the information for Cornett Company above. What amount should Cornett report on its...
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15)Use the following data to determine the total dollar amount of assets to be classified as current assets.
Vitz Pool Supplies
Balance Sheet
December 31, 2024
| Cash and cash equivalents | $ 1,000 | Accounts payable | $ 1,800 |
| Accounts receivable | 200 | Salaries and wages payable | 200 |
| Inventory | 1,500 | Bonds payable | 40,000 |
| Prepaid insurance | 300 | Total liabilities | 42,000 |
| Stock investments | 2,000 |
| Land | 3,000 |
| Buildings | $20,000 | Common stock | 15,000 |
| Less: |
Retained earnings | (25,000) |
| (6,000) | 14,000 | Total |
(10,000) |
| 10,000 | Total liabilities and |
| Total assets | $32,000 | stockholders' equity | $32,000 |
A) $8,000
B) $5,000
C) $2,000
D) $3,000
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