Janson Corporation Co.\'s trial balance included the following account balances

Question

Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018:

Investments consist of treasury bills that were purchased in November, 2018 and mature in January, 2019. Prepaid insurance is for two years. What amount should be included in the current asset section of Janson’s December 31, 2018, balance sheet?

Multiple Choice

$ 89,700.

$ 92,900.

$ 141,500.

$ 59,100.

Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018:

What amount should be included in the current liabilities section of Janson's December 31, 2018, balance sheet?

Multiple Choice

$62,900.

$104,500.

$67,500.

42,600

Accounts receivable $13,900 Inventories 42,000 Patent 13,500 Investments 30,600 Prepaid insurance 6,400 Note receivable, due 2021 51,800

Explanation / Answer

1) A. $89,700

Current assets = $13,900 + $42,000 + $30,600 + (1/2 × $6,400) = $89,700

2) A. $62,900

Current liabilities = $25,800 + $16,800 + $20,300 = $62,900

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