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1)What falls under current assets? A

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1)What falls under current assets? A. Accounts payable B. Salary payable C. Inventory 1) A only 2) B only 3) C only 4) A and C only 5) A and B only 6. What falls under current liabilities? A. Marketable security B. Insurance prepayment C. Dividend payable 1) A only 2) B only 3) C only 4) A and C only 5) A and B only

2)Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment 1. List price: $42,000; terms: 2/10 n/30; paid within discount period. 2. Transportation-in: $830. 3. Installation: $460. 4. Cost to repair damage during unloading: $551. 5. Routine maintenance cost after six months: $250. Basket Purchase of Copier, Computer, and Scanner for $52,000 with Fair Market Values 1. Copier, $23,199 2. Computer, $8,151. 3. Scanner, $31,350. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $79,500. 2. Demolition of building, $4,780. 3. Lumber sold from old building, $2,690. 4. Grading in preparation for new building, $9,000. 5. Construction of new building, $278,000 Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Office equipment:
Office equipment: Asset Allocated Costs Office equipment Basket purchase: Asset Allocated Costs Copier Computer Scanner Total