Question

Josey Doakes was reading the balance sheet of Gogoldze Inc. when she spilled grape juice on it. After the juice spill, the balance sheet looked like this:

($ millions) 12/31/2015
Cash 90
Accounts Receivable 210
Inventory 410
Other Current Assets grape
Current Assets juice
Net Property, Plant, & Equipment 1,080
Total Assets grape
juice
Accounts Payable 115
Other Current Liabilities 260
Current Liabilities 375
Long-term Liabilities 860
Common Stock 50
Additional Paid-in-Capital 300
Retained Earnings 285
Total Liabilities and SE 1,870

What was Gogoldze Inc.'s Other Current Assets at 12/31/2015?A. $710B. $120C. $370D. $80E. $790

Answer 1

D. $80

Step-by-step explanation:

The other assets of the Josey Doakes can be calculated using the accounting equation which is given as follows:

Assets=Liability +equity

Total Assets=Current assets+ Non current assets

=Cash+Accounts receivable+Inventory+other current assets+Net PPE

=90+210+410+other current assets+1,080

=710+other current assets+1,080

=1790+other current assets

Total assets=1790+other current assets

1790+other current assets=Liability +equity

1790+other current assets=1870

Other current assets=1870-1790

=$80

So the answer is D. $80

Answer 2

The correct option is D. $80

Step-by-step explanation:

Please see attachment