Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts receivable...

Question

Question

Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts receivable...

Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018:


Accounts receivable	$12,700
Inventories	42,000
Patent	12,500
Investments	30,700
Prepaid insurance	6,700
Note receivable, due 2021	51,800

Investments consist of treasury bills that were purchased in November, 2018 and mature in January, 2019. Prepaid insurance is for two years. What amount should be included in the current asset section of Janson’s December 31, 2018, balance sheet?

Multiple Choice

$ 140,550.
$ 92,100.
$ 88,750.
$ 58,050.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

✔ Recommended Answer

Answer #1

Following assets will be considered while calculation total current section of the company :

--- Accounts receivable

--- Inventories

--- Investment

--- Prepaid insurance

Total current assets = Accounts receivable + Inventories + Investment + Prepaid insurance

= 12,700 + 42,000 + 30,700 + 3,350

= $88,750

Since current assets include these assets which can be or which will be converted into cash within a period of next 12 months, hence investment is a current asset. Since prepaid insurance is for two year, hence, prepaid insurance for 1 year (6,700 x 1/2 = 3,350) will be included in current assets .

Patent is an intangible, long term asset. Note receivable , due 2021 is also a long term asset.

Third option is the correct option

kindly give a positive rating if you are satisfied with the solution. Please ask if you have any query related to the question, Thanks.

Add a comment

Answer 2

Similar Homework Help Questions

Janson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts receivable...

Janson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts receivable $13,200 Inventory 40,000 Patent 13,700 Investments 31,900 Prepaid insurance 6,100 Notes receivable, due 2024 51,400 Investments consist of treasury bills that were purchased in November, 2021, and mature in January, 2022. Prepaid insurance is for two years. What amount should be included in the current assets section of Janson’s December 31, 2021, balance sheet? Multiple Choice $91,200. $139,550. $56,250. $88,150. Accrued liabilities: Multiple Choice...
1/Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts payable...

1/Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts payable $26,500 Bond payable, due 2027 24,000 Salaries payable 17,400 Note payable, due 2019 20,300 Note payable, due 2023 41,200 What amount should be included in the current liabilities section of Janson's December 31, 2018, balance sheet? Multiple Choice $67,900. $105,400. $43,900. 2/ anson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts receivable $12,600 Inventories 40,000 Patent 13,300 Investments...
1/ Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts...

1/ Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts payable $25,300 Bond payable, due 2027 24,200 Salaries payable 16,700 Note payable, due 2019 21,600 Note payable, due 2023 40,400 What amount should be included in the current liabilities section of Janson's December 31, 2018, balance sheet? Multiple Choice $66,200. $42,000. $104,000. $63,600. 2/ The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Assets Liabilities and Equity Current...

Janson Corporation Co.'s trial balance included the following account balances at December 31,2018 :

Question 8Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018:Accounts payable$25,000Bond payable, due 202722,000Salaries payable16,000Note payable, due 201920,000Note payable, due 202340,000What amount should be included in the current liabilities section of Janson's December 31,2018 , balance sheet?$ 63,000$ 61,000.$ 101,000$ 41,000.
Ashley Corp.'s trial balance included the following account balances at December 31, 2021: Accounts receivable (net)....

Ashley Corp.'s trial balance included the following account balances at December 31, 2021: Accounts receivable (net). $82,000 Trading securities. 14,000 Accumulated depreciation on equipment and furniture. 30,000 Cash 20,000 Inventory 54,000 Equipment 50,000 Patent 8,000 Prepaid expenses 3,000 Land held for future business site. 36,000 In Ashley's December 31, 2021 statement of financial position, the current assets total is $147,000 $209,000 Ob. $173.000 Ос. $181,000 Od
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics...

The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Cash 71,000 186,000 127,000 37,000 217,000 42,000 18,000 282,000 ,570,000 639,000 154,000 42,000 260,000 14,000 Short-term inveatmenta Accounta receivable Long-term investment Inventorien Loans to employeen Prepaid expenses (for 2019) Land Building Machinery and equipment Patent Pranchise Note receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/19) Interest payable Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts...

1/The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Assets...

1/The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Assets Liabilities and Equity Current assets: Current liabilities: Cash $ 75 Accounts payable $ 232 Accounts receivable (net) 186 Other liabilities 72 Notes receivable 57 Total current liabilities 304 Inventories 212 Long-term liabilities 103 Prepaid expenses 41 Total liabilities 407 Total current assets 571 Shareholders' equity: Plant assets (net) 267 Capital stock 130 Retained earnings 301 Total shareholders' equity 431 Total assets $ 838 Total...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics...

The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 97,000 Short-term investments 212,000 Accounts receivable 153,000 Long-term investments 50,000 Inventories 230,000 Loans to employees 55,000 Prepaid expenses (for 2019) 31,000 Land 295,000 Building 1,700,000 Machinery and equipment 652,000 Patent 167,000 Franchise 55,000 Note receivable 325,000 Interest receivable 27,000 Accumulated depreciation—building 635,000 Accumulated depreciation—equipment 225,000 Accounts payable 204,000 Dividends payable (payable on 1/16/19) 25,000 Interest payable 31,000 Taxes...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Addi...

The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Additional information: The common stock represents 1.1 million shares of no par stock authorized, 510,000 shares issued and outstanding. The loans to employees are due on June 30, 2019. The note receivable is due in installments of $51,000, payable on each September 30. Interest is payable annually. Short-term investments consist of marketable equity securities that the company plans to sell in 2019 and...

Carla Vista Co.'s trial balance reflected the following account balances at December 31, 2017: Accounts receivable...

Carla Vista Co.'s trial balance reflected the following account balances at December 31, 2017: Accounts receivable (net) $36000 Trading securities 11500 Accumulated depreciation on equipment and furniture 31500 Cash 30500 Inventory 61000 Equipment 51000 Patent 7300 Prepaid expenses 3800 Land held for future business site 35500 In Carla Vista’s December 31, 2017 balance sheet, the current assets total is

Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts receivable...

Homework Answers

Add Answer to:
Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts receivable...

Post as a guest

Earn Coins

Janson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts receivable...

1/Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts payable...

1/ Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts...