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

Accounting Aug 11, 2020

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

Expert Solution

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

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