$173500 increase
Multiple Choice Question 80
Use the following data to determine the total dollar amount of assets
to be classified as current assets.
Oriole Company
Balance Sheet
December 31, 2017
Cash
$68500
Accounts payable
$136500
Accounts receivable
96500
Salaries and
wages payable
18900
Inventory
145500
Mortgage payable
174500
Prepaid insurance
83500
Total
liabilities $329900
Stock Investments (long-term)
200000
Land
198000
Buildings
$220500
Common
stock $259100
Less: Accumulated depreciation
(55000) 165500
Retained earnings
492000
Trademarks
123500
Total stockholders'
equity $751100
Total assets
$1081000
Total
liabilities and
stockholders' equity
$1081000
$248500
$594000
$329900