Use the following information to answer questions
MARCOTTE MASONARY LTD.
Statement of Financial Position
December 31, 2015

-The total dollar amount of assets to be classified as current assets is
A)$240,000.
B)$220,000.
C)$170,000.
D)$130,000.

Question

Use the following information to answer questions 
MARCOTTE MASONARY LTD.
Statement of Financial Position
December 31, 2015
 
-The total dollar amount of assets to be classified as current assets is
A)$240,000. 
B)$220,000. 
C)$170,000. 
D)$130,000.

Quizplus · Accepted Answer

Current assets are cash and other assets that can be easily converted into cash within one year. In this case, the current assets are cash ($50,000), accounts receivable ($120,000), and inventory ($70,000), for a total of $240,000.

Use the Following Information to Answer Questions