Accounting 241 chapter 18

What is the amount of current assets? Cash $40,000 Sales $230,000 Cost of Goods Sold $118,000 Prepaid Rent $18,000 Inventory $29,000 Accounts Payable $59,000 Accounts Receivable $38,000 Rent Expense $19,000 Long-term Liabilities (due within one year) $30,000 Long-term Liabilities $900,000

$125,000

Which of the following is a prior period adjustment?

A prior period error to an expense account

Treasury Stock would be reported on the balance sheet as:

A reduction to stockholders' equity

Which of the following is not classified as a long-term liability?

Accounts payable

The balance sheet is prepared

At a point in time

Money received in advance from a customer that is expected to be returned or earned in the next six months would be classified as a(n)

Current liability

Which of the following is not classified as a current asset?

Land

Which of the following is not classified as a current liability?

Mortgage payable

Which of the following reduces total liabilities on the balance sheet?

discount on bonds payable

Which of the following is not classified as a long-term asset?

prepaid rent