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Use the following data to determine the total dollar amount of assets to be classified as current assets.

Use the following data to determine the total dollar amount of assets to be classified as current assets.

Koonce Office Supplies
Balance Sheet
December 31, 2010
Cash $ 65,000
Accounts Payable $ 70,000
Prepaid Insurance 30,000
Salaries Payable 10,000
Accounts Receivable 50,000
Mortgage Payable

80,000
Inventory 70,000 Total Liabilities $160,000
Land held for Investment 75,000
Land 90,000
Building $100,000 Common Stock $120,000
Less Accumulated Retained Earnings

250,000
Depreciation

(20,000)
80,000 Total Stockholders' Equity

$370,000
Trademark

70,000
Total Liabilities and
Total Assets

$530,000
Stockholders' Equity

$530,000

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