Question

Stine Corp.'s trial balance reflected the following account balances at December 31, 2017:

Accounts receivable (net) $38,000
Trading securities 12,000
Accumulated depreciation on equipment and furniture 30,000
Cash 32000
Inventory 6,000
Equipment 50,000
Patent 8,000
Prepaid expenses 4,000
Land held for future business site 36,000
In Stine's December 31, 2017 balance sheet, the current assets total is
a. $92,000.
b. $128,000.
c. $80,000.
d. $154,000.

Answer 1

To calculate the current assets total in Stine Corp.'s balance sheet, add up the values of the current assets listed in the trial balance, which equals $80,000.

Step-by-step explanation:

To calculate the current assets total in Stine Corp.'s December 31, 2017 balance sheet, we need to add up the values of the current assets listed in the trial balance. The current assets include:

• Accounts receivable (net) $38,000
• Cash $32,000
• Inventory $6,000
• Prepaid expenses $4,000

Add all these values together: $38,000 + $32,000 + $6,000 + $4,000 = $80,000. Therefore, the correct answer is c. $80,000.