The classified balance sheet for a company reported current assets of $811,925,total liabilities of $399,770,Common Stock of $500,000,and Retained Earnings of $65,130.The current ratio was 2.5. What is the total amount of noncurrent assets?

Question

Quizplus · Accepted Answer

Total Assets = Total Liabilities + Total Stockholders' Equity
= $399,770 + ($500,000 + $65,130)= $964,900
Total Assets = Total current assets + Total noncurrent assets
Total noncurrent assets = Total Assets − Total current assets
= $964,900 − $811,925 = $152,975

The Classified Balance Sheet for a Company Reported Current Assets