The following totals are taken from the December 31,2014,balance sheet of Roanoke Company:

Additional information:
(a)A building costing $100,000 was purchased by taking out a $100,000 mortgage.Since the building serves as collateral on the mortgage loan,both have been excluded from the financial statements.
(b)Cash in the amount of $45,000 is in a restricted fund for the purchase of equipment.This cash has been included in Current Assets.
(c)Long-term liabilities include a bank loan of $80,000.Of this loan,$15,000 must be repaid within the coming year.
(d)Investment securities totaling $27,000 are included in Current Assets.These securities represent stock purchases made as a long-term equity investment in a major supplier.
After making any necessary changes,what are the totals for Roanoke's long-term assets and long-term liabilities?

Question

The following totals are taken from the December 31,2014,balance sheet of Roanoke Company:
  
Additional information:
(a)A building costing $100,000 was purchased by taking out a $100,000 mortgage.Since the building serves as collateral on the mortgage loan,both have been excluded from the financial statements.
(b)Cash in the amount of $45,000 is in a restricted fund for the purchase of equipment.This cash has been included in Current Assets.
(c)Long-term liabilities include a bank loan of $80,000.Of this loan,$15,000 must be repaid within the coming year.
(d)Investment securities totaling $27,000 are included in Current Assets.These securities represent stock purchases made as a long-term equity investment in a major supplier.
After making any necessary changes,what are the totals for Roanoke's long-term assets and long-term liabilities?

Quizplus · Accepted Answer

The Answer of The following totals are taken from the December 31,2014,balance sheet of Roanoke Company:
  
Additional information:
(a)A building costing $100,000 was purchased by taking out a $100,000 mortgage.Since the building serves as collateral on the mortgage loan,both have been excluded from the financial statements.
(b)Cash in the amount of $45,000 is in a restricted fund for the purchase of equipment.This cash has been included in Current Assets.
(c)Long-term liabilities include a bank loan of $80,000.Of this loan,$15,000 must be repaid within the coming year.
(d)Investment securities totaling $27,000 are included in Current Assets.These securities represent stock purchases made as a long-term equity investment in a major supplier.
After making any necessary changes,what are the totals for Roanoke's long-term assets and long-term liabilities?

The Following Totals Are Taken from the December 31,2014,balance Sheet