For Grimmett Company, the following information is available:
Goodwill $600,000
Trademarks 245,000
Long-term receivables 225,000
In Grimmett's balance sheet, intangible assets should be reported at
Question 51 options:
$245,000
$275,000
$845,000
$875,000
Question 52 (1 point)
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Houghton Company has the following items: common stock, $800,000; treasury stock, $105,000; deferred income taxes, $125,000 and retained earnings, $390,000. What total amount should Houghton Company report as stockholders' equity?
Question 52 options:
$960,000
$1,085,000
$1,210,000
$1,295,000
Question 53 (1 point)
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Stine Corp.'s trial balance reflected the following account balances at December 31, 2021:
Accounts receivable (net) $19,000
Trading securities 6,000
Accumulated depreciation on equipment and furniture 15,000
Cash 16,000
Inventory 30,000
Equipment 25,000
Patent 4,000
Prepaid expenses 2,000
Land held for future business site 18,000
In Stine's December 31, 2021 balance sheet, the current assets total is
Question 53 options:
$82,000
$90,000
$73,000
$77,000
Question 54 (1 point)
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Which of the following is most likely to be split into current and long-term portions on the balance sheet?
Question 54 options:
Bonds payable
Notes payable
Prepaid insurance
Accounts payable
Answer & Explanation
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