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8 September, 20:39

The balances of select accounts of Sandra, Inc. as of December 31, 2018 are given below: Debit Credit Building $ 110 comma 000 Cash 6 comma 000 Office Supplies 800 Furniture 3 comma 000 Prepaid Insurance 550 Accumulated Depreciationlong dashFurniture $ 2 comma 000 Land 32 comma 000 Accumulated Depreciationlong dashBuilding 4 comma 300 Accounts Receivable 2 comma 500 The insurance has been prepaid until June 30, 2019. Determine the amount of total current assets reported on the balance sheet at December 31, 2018.

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  1. 8 September, 22:04
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    Total current assets = 9,850

    Explanation:

    From the balances accounts are selected:

    Cash 6,000 Accounts Receivable 2,500 Prepaid Insurance 550 Office Supplies 800

    Total current assets = 9,850

    This are the most liquid assets in the list that correspond to current assets.

    The rest of the list corresponds to long - term assets.

    Land 32,000 Building 110,000 Accumulated Depreciationlong Building - 4,300 Furniture 3,000 Accumulated Depreciationlong Furniture - 2,000

    Total long - term assets = 138,700
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