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Finnish Motors Has the Following Balance Sheet Accounts: If the Company

Question 123

Multiple Choice

Finnish Motors has the following balance sheet accounts: If the company has total liabilities and stockholders' equity of $290,000,what is the balance of the company's Prepaid Rent account?
 Land $150,000 Equipment 90,000 Salaries Payable 12,000 Notes Payable 99,000 Supplies 10,000 Cash 25,000 Common Stock 40,000 Retained Earnings 100,000 Accounts Payable ? Prepaid Rent ?\begin{array} { | l | r | } \hline \text { Land } & \$ 150,000 \\\hline \text { Equipment } & 90,000 \\\hline \text { Salaries Payable } & 12,000 \\\hline \text { Notes Payable } & 99,000 \\\hline \text { Supplies } & 10,000 \\\hline \text { Cash } & 25,000 \\\hline \text { Common Stock } & 40,000 \\\hline \text { Retained Earnings } & 100,000 \\\hline \text { Accounts Payable } & ? \\\hline \text { Prepaid Rent } & ? \\\hline\end{array}


A) $15,000.
B) $25,000.
C) $12,000.

Correct Answer:

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