Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 5 - Balance Sheet and Statement of Cash Flows - Review and Practice - Brief Exercises - Page 238: BE5-1

Answer

Current assets Cash $30,000 Add: Accounts receivable $110,000 Less: Allowance for doubtful accounts ($8000) $102,000 Add: Inventory $290,000 Add: Prepaid insurance $9,000 total current assets= $431,500

Work Step by Step

Upon a careful computation of the above figures, the total current assets will total up to= $431,500
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.

GradeSaver will pay $15 for your literature essays
GradeSaver will pay $25 for your college application essays
GradeSaver will pay $50 for your graduate school essays – Law, Business, or Medical
GradeSaver will pay $10 for your Community Note contributions
GradeSaver will pay $500 for your Textbook Answer contributions