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21 April, 09:33

Select the correct answer.

These are the accounts in ABC Inc.'s trial balance:

Inventory: $19,000

Bonds Payable: $14,500

Patents: $220,000

Land: $80,000

Accounts Payable: $26,500

Cash: $7,000

Equipment: $150,000

Goodwill: $105,000

Notes Payable: $10,000

Wages Payable: $14,000

Common Stock: $85,000

Accounts Receivable: $13,500

What is the total of the firm's current assets?

A: $32,500

B: $39,500

C: $225,000

D: $35,500

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Answers (1)
  1. 21 April, 10:13
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    Answer

    Current Assets of the firms are

    Inventory: $19,000

    Cash: $7,000

    Accounts Receivable: $13,500

    Total = $39500

    Explanation

    Cash and other assets that are expected to be converted to cash within a year is known as current assets, rest are long term assets, equity and liabilities.

    Longterm assets

    Patents $220,000

    Land: $80,000

    Equipment: $150,000

    Goodwill: $105,000

    Liabilities

    Bonds Payable: $14,500

    Accounts Payable: $26,500

    Notes Payable: $10,000

    Wages Payable: $14,000

    Equity

    Common Stock: $85,000
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