The following information is for Gulf Real Estate: 1 points 60.000 25.000 75,000 160,000 Gulf...
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Accounting
The following information is for Gulf Real Estate: 1 points 60.000 25.000 75,000 160,000 Gulf Real Estate Balance Sheet December 31, 2020 Cash 25,000 Accounts payable Prepaid insurance 40.000 Salaries and wages payable Accounts receivable 50,000 Mortgage payable Inventory 80,000 Total liabilities Land held for investment 75.000 Land 120,000 Building 110,000 Less Accumulated depreciation (20.000) Owner's capital Trademark 70,000 Total liabilities and owner's Total assets 550.000 equity The total amount of liabilities to be classified as current abilities is! O A 75,000 8.25,000 390.000 550.000 60,000
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