Question

The following financial information is from ABC Company: Accounts Payable $55,000 Land $90,000 Inventory $10,500 Accounts Receivable $7,500 Equipment $8,000 Deferred Revenue $58,500 Short-term Investments $20,000 Notes Receivable (due in 8 months) $45,500 Interest Payable $2,000 Patents $75,000 What is the amount of long-term assets assuming the accounts above reflect normal activity

Answer 1

Answer:

$173,000

Explanation:

Calculation to determine the amount of long-term assets

Using this formula

Long-term assets =Land +Equipment+Patents

Let plug in the formula

Long-term assets =$90,000 + $8,000 + $75,000

Long-term assets =$173,000

Therefore the amount of long-term assets will be $173,000