Use the following information to answer the next 4 questions. The following adju

Question

Use the following information to answer the next 4 questions. The following adjusted balance information is taken from the books of Tricia Company on December 31, 2012: Sales Equipment Retained Earnings, 1/1/2012 Bad Debt Expense Cash Sales Discounts Purchases Selling Expense Depreciation Expense Administrative Expense Accounts Receivable Accounts Payable Inventory, 1/1/2012 Accumulated Depreciation Common Stock Allowance for Bad Debts Sales Returns and Allowances Purchases Returns and Allowances Insurance Expense Purchases Discounts Prepaid Insurance Transportation in 2,300 1,000 500 50 1,850 200 400 1,800 40 20 900 60 200 90 800 500 80 20 230 80 Inventory, 12/31/2012 300 Total current assets on December 31, 2012 balance sheet are: Selected Answer: 3,140 Answers: $ 2,920 $3,140 $3,220 $ 2,840 None of the above

Explanation / Answer

Current assets Accounts receivable 800 Allowance for bad debts -40 760 Prepaid insurance 230 Cash 1850 Inventory 300 Total current assets 3140

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