Webb Corporation's trial balance for July 31, the end of its fiscal year, included the following accounts: Accounts Receivable $30,000Inventories 46,000Franchise 35,000Investments 48,000Prepaid Insurance 5000Note Receivable 102,000Cash in Bank 8000The investments account consists of marketable securities of which management plans to sell half of by December 31. The rest of the securities will be held longer than one year. Prepaid insurance is a two-year policy that was purchased on July 31. The note receivable is an installment note that will be paid in three equal installments on December 31 of each year. The amount that should be classified as current assets in the July 31 balance sheet is ________. $144,500 $182,500 $212,500 $147,000
Webb Corporation's trial balance for July 31, the end of its fiscal year, included the following accounts: Accounts Receivable $30,000Inventories 46,000Franchise 35,000Investments 48,000Prepaid Insurance 5000Note Receivable 102,000Cash in Bank 8000The investments account consists of marketable securities of which management plans to sell half of by December 31. The rest of the securities will be held longer than one year. Prepaid insurance is a two-year policy that was purchased on July 31. The note receivable is an installment note that will be paid in three equal installments on December 31 of each year. The amount that should be classified as current assets in the July 31 balance sheet is ________. $144,500 $182,500 $212,500 $147,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 63E: Reporting Liabilities Morton Electronics had the following obligations: a. A legally enforceable...
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Webb Corporation's trial balance for July 31, the end of its fiscal year, included the following accounts:
Accounts Receivable $30,000
Inventories 46,000
Franchise 35,000
Investments 48,000
Prepaid Insurance 5000
Note Receivable 102,000
Cash in Bank 8000
The investments account consists of marketable securities of which management plans to sell half of by December 31. The rest of the securities will be held longer than one year. Prepaid insurance is a two-year policy that was purchased on July 31. The note receivable is an installment note that will be paid in three equal installments on December 31 of each year.
The amount that should be classified as current assets in the July 31 balance sheet is ________.
$144,500
$182,500
$212,500
$147,000
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