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

Question

Janson Corporation Co's trial balance included the following account balances at December 31, 2018 Accounts receivable Inventories Patent Investments Prepaid insurance Note receivable, due 2021 $12,400 40,000 13,900 31,800 7,400 50,700 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 $87,900 $ 91,600 $138,600 $ 56,100

Explanation / Answer

A. $87,900

Current assets = Accounts receivable + Inventories + Investments + Prepaid insurance

Current assets = $12,400 + $40,000 + $31,800 + (1/2 * $7,400)

Current assets = $87,900

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