Question

below is friday company's adjusted trial balance for the year ended december 31, 2024: account title debit credit cash 10,500 accounts receivable 22,000 supplies 1,200 equipment 70,000 accumulated depreciation 6,000 accounts payable 10,000 taxes payable 3,100 interest payable (due in < 1 year) 1,000 notes payable (due in 3 years) 8,000 common stock 50,000 retained earnings 18,100 dividends 2,000 service revenue 38,000 salaries expense 7,500 depreciation expense 3,000 other expenses 18,000 totals 134,200 134,200 what is the amount of the company's total current assets?

Answer 1

Friday Company's total current assets, which include cash, accounts receivable, and supplies, amount to $33,700 as of December 31, 2024.

Step-by-step explanation:

The question pertains to determining the total current assets of Friday Company from its adjusted trial balance as of December 31, 2024. To calculate the total current assets, we need to sum up the values of cash, accounts receivable, and supplies as these are the typical categories that compose current assets on a balance sheet.

Friday Company's current assets are as follows:

Cash: $10,500

Accounts Receivable: $22,000

Supplies: $1,200

Add these amounts together to get the total current assets:

$10,500 (Cash) + $22,000 (Accounts Receivable) + $1,200 (Supplies) = $33,700

Therefore, the total current assets of the Friday Company as of December 31, 2024, is $33,700.