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Homework answers / question archive / XYZ's trial balance reflected the following account balances at December 31, 2019: Accounts receivable (net) $24,000 Trading securities 6,000 Accumulated depreciation equipment 15,000 Cash 21,000 Inventory 30,000 Equipment 25,000 Patent 4,000 Prepaid expenses 2
XYZ's trial balance reflected the following account balances at December 31, 2019: Accounts receivable (net) $24,000 Trading securities 6,000 Accumulated depreciation equipment 15,000 Cash 21,000 Inventory 30,000 Equipment 25,000 Patent 4,000 Prepaid expenses 2.000 Land 18.000 In XYZ's December 31, 2019statement of financial position, the current assets total 5101.000 $57.000 583.000
Ans $83000
Explanation is as follows
Current Assets are the assets that are expected to be converted into cash in one operating cycle(usually one year)
Computation of Total current assets based on above criteria
Accounts Recievable ( Net ) =$24000
Trading Securities =$6000
Cash =$21000
Inventory =$30000
Prepaid Expenses =$2000
Total =$83000
Accumulated Depreciation , patent , Equipment and land are of non current assets in nature as they will be realised into cash in not less than one year
