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13 August, 04:09

The classified balance sheet for a company reported current assets of $1,753,812, total liabilities of $801,540, common stock of $1,020,000, and retained earnings of $132,260. The current ratio was 2.7. What is the total amount of noncurrent assets? a. $199,988b. $952,272c. $601,552d. $649,560

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  1. 13 August, 04:11
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    Option (a) is correct.

    Explanation:

    Total liabilities and shareholders equity:

    = total liabilities + common stock + retained earnings

    = $801,540 + $1,020,000 + $132,260

    = $1,953,800

    Current assets = $1,753,812

    Non current assets:

    = Total liabilities and shareholders equity - Current assets

    = $1,953,800 - $1,753,812

    = $199,988

    Therefore, the total amount of non-current assets is $199,988.
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