The following were extracted from the books of A. Ltd: Equipment $40,000, a Land and Building $150,000 , Cash $3, 000, Stock $2,000, Mortgage $60,000, and creditors $10,000, accruals $5,000 : a) The correct fixed assets amounts to: $190,000 $195,000 $100,000 $5,000 b) The correct current assets amounts to: $190,000 $195,000 $100,000 $5,000 c) The correct current liabilities amounts to: $75,000 $10,000 $65,000 $15,000 d) The correct long-term liability amounts to: $75,000 $10,000 $65,000 $60,000 e) The total assets amounts to: $190,000 $195,000 $250,0000 $5,000 f) The total liabilities amounts to: $60,000 $70,000 $75,000 $65,000

The following were extracted from the books of A. Ltd: Equipment $40,000, a Land and Building $150,000 , Cash $3, 000, Stock $2,000, Mortgage $60,000, and creditors $10,000, accruals $5,000 : a) The correct fixed assets amounts to: $190,000 $195,000 $100,000 $5,000 b) The correct current assets amounts to: $190,000 $195,000 $100,000 $5,000 c) The correct current liabilities amounts to: $75,000 $10,000 $65,000 $15,000 d) The correct long-term liability amounts to: $75,000 $10,000 $65,000 $60,000 e) The total assets amounts to: $190,000 $195,000 $250,0000 $5,000 f) The total liabilities amounts to: $60,000 $70,000 $75,000 $65,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 2CE

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