Balance Sheet Classifications and Relationships	
XYZ Corporation has the following balance sheet elements as of December 31, 2006.	
Land . . . . . . . . . . . . . . . . . . . . . . . . . $105,000 
Mortgage payable . . . . . . . . . . $250,000
Cash . . . . . . . . . . . . . . . . . . . . . . . . . ? 	
Capital stock . . . . . . . . . . . . . . 315,000
Building . . . . . . . . . . . . . . . . . . . . . . 168,000 	
Retained earnings . . . . . . . . . . 92,000
Accounts payable . . . . . . . . . . . . . . . 155,000 Supplies . . .
. . . . . . . . . . . . . . 41,000
Accounts receivable . . . . . . . . 134,000	
Notes payable (short-term) . . . . . . . . 117,000 
Equipment . . . . . . . . . . . . . . . . . . . . 420,000	
Required:	
Compute the total amount of:	
1. Current assets.	
2. Long-term assets.	
3. Current liabilities.	
4. Long-term liabilities.	
5. Stockholders? equity.

Hi there,
I will answer 2~5 first and then address 1.

For information on how the classification of these balance sheet
items, please refer to the following links:
http://www.entrepreneur.com/article/0,4621,287355-7,00.html
http://www.va-interactive.com/inbusiness/editorial/finance/intemp/balance.html

Now on to the answer:

2.
Long Term Assets
Land: 105,000
Building: 168,000
Equipment: 420,000
Total Long-term Assets = $693,000

3.
Current Liabilities:
Accounts payable: 155,000
Notes payable (short term): 117,000
Total Current Liabilities = $272,000

4.
Mortgage payable: 250,000
Total Long-term Libabilites = $250,000

5.
Shareholder's Equity
Retained earnings: 92,000
Capital stock: 315,000
Total SE = $407,000


1.
Current Assets
Cash: ?
Accounts receivable: 134,000
Supplies: 41,000

To find cash:
Total assets = total liabilites + shareholder's equity = (272,000 +
250,000) + 407,000 = $929,000
Current assets = total assets - long term assets = 929,000 - 693,000 = $236,000
Cash = 236,000 - 134,000 - 41,000 = 61,000

To answer the question, current assets = $236,000.

I hope this has helped and please feel free to ask for any clarification.

Cheers,
Tox-ga

Technically, you can't calculate the current liabilities in your question.

A mortgage payable, which typically spans for more than one year has a
current portion (amounts due within one year).  That amount is not
given in the question.  Or, it is also possible that only one year (or
less) remains on the mortgage, in which case all of it is current (not
long term).

Your question doesn't state one way or the other, so its not possible
to give an accurate answer. :-(