The following information is for Benton Office Supplies: Benton Office Supplies Balance Sheet December 31, 201X Cash                                               $  65,000              Accounts Payable                      $  60,000 Prepaid Insurance                              30,000              Salaries Payable                            10,000 Accounts Receivable                         50,000              Mortage Payable                            90,000 Inventory                                             70,000                  Total Liabilities                       $160,000 Land held for investment                    75,000 Land                                                    90,000 Building                         $100,000                               Common Stock                          $120,000 Less Accumulated                                                  Retained Earnings                       250,000 Depreciation          (20,000)     80,000                  Total stockholder’s equity      $370,000 Trademark                                         70,000                          Total Liabilities and Total Assets                                   $530,000                              Stockholders’ Equity  $530,000 The total dollar amount of liabilities to be classified as Current Liabilities is Question 29 options: A) $150,000 B) $60,000 C) $70,000 D) $160,000

The following information is for Benton Office Supplies: Benton Office Supplies Balance Sheet December 31, 201X Cash                                               $  65,000              Accounts Payable                      $  60,000 Prepaid Insurance                              30,000              Salaries Payable                            10,000 Accounts Receivable                         50,000              Mortage Payable                            90,000 Inventory                                             70,000                  Total Liabilities                       $160,000 Land held for investment                    75,000 Land                                                    90,000 Building                         $100,000                               Common Stock                          $120,000 Less Accumulated                                                  Retained Earnings                       250,000 Depreciation          (20,000)     80,000                  Total stockholder’s equity      $370,000 Trademark                                         70,000                          Total Liabilities and Total Assets                                   $530,000                              Stockholders’ Equity  $530,000 The total dollar amount of liabilities to be classified as Current Liabilities is Question 29 options: A) $150,000 B) $60,000 C) $70,000 D) $160,000

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