Question

View Policies Current Attempt in Progress Based on the following data, what is the amount of current assets? Accounts payable Accounts receivable Cash Intangible assets Inventory Long-term investments Long-term liabilities Short-term investments Notes payable Property, plant, and equipment Prepaid insurance $62000 124500 69000 124500 133000 169500 220000 82000 57000 1310000 2000 O $275500 O $410500 $277500 $252500 Save for Later

Answer 1

Requirement 1:

Answer: $ 410,500

Working:

Current assets:
Cash	$         69,000
Account receivable	$      124,500
Inventory	$      133,000
Short term investments	$         82,000
Prepaid insurance	$           2,000
Total current assets	$      410,500

Requirement 2:

Answer: $ 227,200

Working:

Working capital = Total current assets - Total current liabilities

Current assets:
Cash	$         56,000
Account receivable	$         91,200
Inventory	$      110,400
Short term investments	$         64,000
Prepaid insurance	$           1,600
Total current assets	$      323,200
Less: current liabilities
Accounts payable	$         51,200
Notes payable (short term)	$         44,800
Total current liabilities	$         96,000
Working capital	$      227,200