Use the following data to determine the total dollar amount of assets to be classified as current assets. Carne Auto Supplies
Balance Sheet
December 31, 2017

Cash
$ 70,000

Accounts payable
$130,000
Accounts receivable
100,000

Salaries and wages payable
20,000
Inventory
140,000

Mortgage payable
180,000
Prepaid insurance
80,000

Total liabilities
$330,000
Stock investments
180,000

Land
190,000

Buildings
$230,000

Common stock
$240,000
Less: Accumulated

Retained earnings
500,000
depreciation
(60,000)
170,000

Total stockholders' equity
$740,000
Trademarks
140,000

Total liabilities and
Total assets
$1,070,000

stockholders' equity
$1,070,000

Current assets=$ 390,000

Explanation:

Calculation to determine the total dollar amount classified as current assets.

Using this formula

Current asset=(Cash + Account receivable + Inventory + Prepaid insurance)

Let plug in the formula

Current assets=$ 70,000+$100,000+$140,000+80,000

Current assets=$ 390,000

Therefore the total dollar amount classified as current assets will be $390,000

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