Lily Company had the following account totals as of December 31, 20X2. Cost of g
ID: 2498767 • Letter: L
Question
Lily Company had the following account totals as of December 31, 20X2.
Cost of goods sold $150,000
Accounts receivable 100,000
Rent revenue 10,000
Accounts payable 25,000
Sales 200,000
Inventory 50,000
Bank Loan Payable* 20,000
Cash 18,000
Retained earnings (beginning of year, January 1, 20X2) 80,000
Prepaid insurance (6-month insurance policy) 15,000
Paid-in capital 38,000
Equipment 45,000
Unearned rent revenue (9-month contract) 5,000
What are Lily Company’s TOTAL CURRENT ASSETS?
$168,000
$193,000
$183,000
$231,000
$206,000
$168,000
$193,000
$183,000
$231,000
$206,000
Explanation / Answer
Particulars $ Accounts receivable 100000 Inventory 50000 Cash 18000 Prepaid insurance 15000 Total Current Assets 183000
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