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.

Question

Business

Leah Vang

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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Harold Townsend · Answer 1

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