Question

An entity had the following account balances at year end. Sales $452,000 Cash 23,400 Accounts payable 14,300 Rent expense 3,700 Accounts receivable 9,400 Cost of goods sold 214,000 Land 104,000 Unearned revenue 6,800 Gain on sale 17,500 Equipment 28,800 Inventories 2,200 Notes payable 67,000 What is the amount of total current assets reported on the balance sheet

Answer 1

Total Current Assets = 35000

Step-by-step explanation:

The current assets are the assets of a business which are expected to be used or sold within a year. These assets normally include cash, cash at bank, accounts receivables, inventory etc. The total current assets for the given question will be,

Current Assets

Inventory 2200

Accounts Receivable 9400

Cash 23400

Total 35000