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The Tom Smith Corporation has the following items: Cash, $5,000; Machinery, $50,000; Building, $150,000; Note payable...

The Tom Smith Corporation has the following items: Cash, $5,000; Machinery, $50,000; Building, $150,000; Note payable bank, $10,000; Savings, $10,000; Long-term debt, $50,000; Accounts payable, $30,000; Taxes payable, $5,000; Accounts receivable, $30,000; Inventory, $10,000; Depreciation Building, $35,000; Depreciation Machinery, $25,000; Land $50,000. Current assets for this Corporation are

A.$55,000.

   

B.$95,000.

   

C.$45,000.

   

D.$155,000.

   

E.$190,000.

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Answer #1

Calculate current assets

Cash 5000
Savings 10000
Account receivable 30000
Inventory 10000
Total Current assets 55000

So answer is a) $55000

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