Homework Answers
Answer to Exercise 2.
Part
1.
Total Intangible Assets = Goodwill
Total Intangible Assets = $50,000
Part
2.
Total Current Assets = Cash + Prepaid Insurance + Accounts
Receivable + Merchandise Inventory
Total Current Assets = $95,000 + $36,000 + $29,000 + $50,000
Total Current Assets = $210,000
Part
3.
Long term liabilities = Mortgage Payable, After 2021
Long term liabilities = $120,000
Part
4.
Property, Plant and Equipment = Building, Net + Equipment,
Net
Property, Plant and Equipment = $110,000 + $40,000
Property, Plant and Equipment = $150,000
Part 5.
Long Term Investments = Stock Investments, Long Term
Long Term Investments = $100,000
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