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Question 4 (4 points) Land90,000 Ace Auto Supplies Balance Sheet December 31, 2001 $70,000 10,000...

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Question 4 (4 points) Land90,000 Ace Auto Supplies Balance Sheet December 31, 2001 $70,000 10,000 0,000 70,000 Total Liabilities $170,000 Cash $ 60,000 Accounts Payable 40,000 Salaries Payable Prepaid Insurance Accounts Receivable Inventory Land held for future use Building Less Accumulated Depreciation 50,000 Mortgage Payable 80,000 $100,000 Common Stock Retained Earnings $120,000 250,000 (20.000) Total $370.000 80,000 stockholders equity and Equity Trademark Z0.000 Total Liabilities Total Assets $540,000 Stockholders $540.000 The total dollar amount of assets to be classifhed as current assets is 1) $270,000. 2) $220,000. 3) $190,000. 4) $170,000. Save

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