Archer Corp has the following account balances listed in alphabetical order: Accumulated Depreciation, $18,000; Accounts Payable, $7,500, Accounts Receivable, $13,000; Cash, $2,000; Equipment, $46,000, Land, $21,000, Mortgage Payable, $42,000; Prepaid Insurance, $5,500; Supplies, $1,000; Unearned Revenue, $4,000; Wages payable, $6,000. Archer's long-term assets are:
A) $15,000.
B) $21,500.
C) $49,000.
D) $66,500.
C) $49,000.
Explanation: add long-term assets, subtract accumulated depreciation. Equipment - Accumulated Depreciation + Land. Ex: $46,000 - $18,000 + $21,000 = $49,000
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