The balances of select accounts of Sandra Company as of December 31, 2018 are gi

Question

The balances of select accounts of Sandra Company as of December 31, 2018 are given below:

The insurance has been prepaid until June 30, 2019. Determine the amount of total current assets reported on the balance sheet at December 31, 2018.

$17,200

$10,200

$12,950

$10,750

                                                                                Debit         Credit Building $140,000 Cash 9,000 Office Supplies 1,200 Furniture 6,000 Prepaid Insurance 550 Accumulated Depreciation—Furniture $4,000 Land 31,000 Accumulated Depreciation—Building 4,000 Accounts Receivable 2,000

Explanation / Answer

Answer

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Particulars Amount Cash $9000 Office Supplies $1200 Prepaid Insurance $550 Accounts Receivable $2000 Total current assets $12750

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