The accounts and balances shown below were gathered from Paynter Corporation's trial balance on December 31, 2011. All adjusting entries have been made.

The amount that should be reported as current assets on Paynter Corporation's balance sheet is
A) $151,300.
B) $164,900.
C) $217,300.
D) $267,300.

Question

The accounts and balances shown below were gathered from Paynter Corporation's trial balance on December 31, 2011. All adjusting entries have been made.

The amount that should be reported as current assets on Paynter Corporation's balance sheet is
A) $151,300. 
B) $164,900. 
C) $217,300. 
D) $267,300.

Quizplus · Accepted Answer

Current assets include cash ($30,000), accounts receivable ($71,000), inventory ($43,900), and prepaid expenses ($20,000). The total of these amounts is $164,900.

The Accounts and Balances Shown Below Were Gathered from Paynter