Using the data below, compute TOTAL CURRENT ASSETS . Cash 100 Wages Payable 160

Question

Using the data below, compute TOTAL CURRENT ASSETS.

                                Cash                                                                                100

                                Wages Payable                                                             160

                                Accounts Receivable                                                   500

                                Accounts Payable                                                        600

                                Land                                                                               800

                                Paid-in Capital                                                           1,000

                                Retained Earnings                                                     1,640

                                Inventory                                                                    1,800

                                Bank Loan Payable (due in 2 years)                     2,200

                                Equipment                                                                  2,400

  $2,240

  $2,400

  $4,040

  $3,400

  $1,900

  $2,240

  $2,400

  $4,040

  $3,400

  $1,900

Explanation / Answer

Total current assets = Cash + accounts receivable + Inventory = $100+$500+$1800 = $2400

Therefore correct answer is 2nd option i.e. $2400

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.