What are the Total Current Assets reported on the balance sheet? Debit Credit 73

Question

What are the Total Current Assets reported on the balance sheet?

Debit Credit 730 920 34 30 16 150 450 Accounts receivable-trade Building and equipment Cash-checking Interest receivable Inventory Land Notes receivable (long-term) Petty cash fund Prepaid rent Supplies Trademark Accounts payable-trade Accumulated depreciation Additional paid-in capital Allowance for uncollectible accounts Cash dividends payable Common stock, at par Income tax payable Notes payable (long-term) Retained earnings Deferred revenues TOTALS 20 40 560 80 485 20 30 15 65 800 308 40 2,403 2,403

Explanation / Answer

Ans. Calculation for the total current Asset reported in the Balace Sheet: Current Assets: Amt.($) Amt.($)     Accounts Receivable-trade 730     Less: Allowance for uncollectible accounts -20 710     Cash Checking 34     Interest Receivable 30     Inventory 16     Petty Cash Fund 5     Prepaid Rent 20     Supplies 8 Total Current Assets $           823

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