Connar Company reports the following accounts and balances at year end: What is the total amount of current assets at the end of the year?
A)$80,000
B)$108,000
C)$118,000
D)$128,000

Question

Connar Company reports the following accounts and balances at year end:  What is the total amount of current assets at the end of the year?
A)$80,000 
B)$108,000 
C)$118,000 
D)$128,000

Quizplus · Accepted Answer

To calculate the total amount of current assets at the end of the year, we need to add up all the current assets. From the given accounts and balances, the current assets are:
Cash = $30,000
Accounts Receivable = $40,000
Inventory = $48,000
Prepaid Expenses = $2,000
Total current assets = $30,000 + $40,000 + $48,000 + $2,000 = $118,000. Therefore, the correct answer is C.

Connar Company Reports the Following Accounts and Balances at Year