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24 August, 00:43

Stine Corp.'s trial balance reflected the following account balances at December 31, 2012:

Accounts receivable (net) $24,000

Trading securities 6,000

Accumulated depreciation on equipment and furniture 15,000

Cash 16,000

Inventory 30,000

Equipment 25,000

Patent 4,000

Prepaid expenses 2,000

Land held for future business site 18,000

In Stine's December 31, 2012 balance sheet, the current assets total is

a) $95,000.

b) $78,000.

c) $87,000.

d) $82,000.

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  1. 24 August, 02:30
    0
    The total current assets are $78000

    Explanation:

    Current assets are the assets of a company that are expected to be used or consumed under the normal business operations over the next year.

    The current assets of Stine Corp.'s are calculated below.

    Current Assets:

    Accounts Receivable $24000

    Trading securities $6000

    Cash $16000

    Inventory $30000

    Prepaid expenses $2000

    Total current assets $78000
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