Question

buildings 80,000
cash 11,300
accounts receivable 10,300
salaries payable 5,300
retained earnings 50,700
supplies 40,000
notes payable (due in 18 months) 35,800
interest payable 3,800
common stock 35,800
what is the amount of current assets, assuming the accounts above reflect normal activity?
multiple choice
$143,200
$21,600
$62,400
$179,000

Explanation:

Step1: Identify current - asset accounts

Current assets include cash, accounts receivable, and supplies.

Step2: Calculate sum of current assets

$11300 + 10300+40000$
$=11300+50300$
$=62400$

Answer:

$62400$