Henderson Corporation’s trial balance for July 31, the end of its fiscal year, included the following...
- Henderson Corporation’s trial balance for July 31, the end of its fiscal year, included the following accounts
|
Accounts Receivable |
$21,000 |
|
Inventories |
57,000 |
|
Copyright |
18,000 |
|
Investments |
41,000 |
|
Prepaid Insurance |
6,000 |
|
Note receivable, due in two years |
74,000 |
|
Cash in Bank |
4,500 |
Investments are Treasury Bills that were purchased in May and mature on August 15. Prepaid Insurance is a three-year policy that was purchased on July 31.
The amount that should be classified as current assets in the July 31 balance sheet is _______.
- $129,500
- $125,500
- $82,000
- $199,500
Please show steps to work this problem.
Homework Answers
Answer) $125500
Current Assets as on July 31 = Accounts Receivable + Inventories + Investments + Prepaid Insurance (6000/3) + Cash in Bank
= 21000 + 57000 + 41000 + 2000 + 4500
= 125500
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