Use this information to answer the following question. The total dollar amount of assets to be classified as current assets is
A) $210,000.
B) $290,000.
C) $190,000.
D) $240,000.

Question

Use this information to answer the following question.  The total dollar amount of assets to be classified as current assets is
A) $210,000. 
B) $290,000. 
C) $190,000. 
D) $240,000.

Quizplus · Accepted Answer

To determine the total dollar amount of assets to be classified as current assets, we need to add up the following line items under the "Assets" section: Cash ($70,000), Accounts Receivable ($90,000), Inventory ($80,000). 
Total current assets = $70,000 + $90,000 + $80,000 = $240,000. Therefore, the correct answer is D) $240,000.

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