Below is a list of various balance sheet accounts and their balances.
$$\begin{array} { | l | l | l | }
\hline & { \text { Debit } } & \text { Credit } \
\hline \text { Building } & \$ 120,000 & \
\hline \text { Cash } & 10,000 & \
\hline \text { Supplies } & 300 & \
\hline \text { Furniture } & 3000 & \
\hline \text { Prepaid insurance } & 650 & \
\hline \text { Accumulated depreciation - furniture } & & \$ 4000 \
\hline \text { Land } & 33,000 & \
\hline \text { Accumulated depreciation - building } & & 4300 \
\hline \text { Accounts receivable } & 2200 & \
\hline
\end{array}$$
What are the total current assets that would be shown on the balance sheet?
A) $11,450
B) $10,800
C) $13,650
D) $15,200

Question

Below is a list of various balance sheet accounts and their balances.
$$\begin{array} { | l | l | l | } 
\hline & { \text { Debit } } & \text { Credit } \
\hline \text { Building } & \$ 120,000 & \
\hline \text { Cash } & 10,000 & \
\hline \text { Supplies } & 300 & \
\hline \text { Furniture } & 3000 & \
\hline \text { Prepaid insurance } & 650 & \
\hline \text { Accumulated depreciation - furniture } & & \$ 4000 \
\hline \text { Land } & 33,000 & \
\hline \text { Accumulated depreciation - building } & & 4300 \
\hline \text { Accounts receivable } & 2200 & \
\hline
\end{array}$$
What are the total current assets that would be shown on the balance sheet?
A) $11,450
B) $10,800
C) $13,650
D) $15,200

Quizplus · Accepted Answer

To calculate total current assets, we need to add up the balances of cash ($2,700), accounts receivable ($3,600), inventory ($7,350), and prepaid expenses ($1,000). The sum of these balances is $13,650, which is option C.

Below Is a List of Various Balance Sheet Accounts and Their