The accounts and balances shown below were gathered from Primer Corporation's trial balance on December 31,2014.All adjusting entries have been made.

The amount that should be reported as current assets on Primer Corporation's balance sheet is
A)$151,300.
B)$164,900.
C)$217,300.
D)$267,300.

Question

The accounts and balances shown below were gathered from Primer Corporation's trial balance on December 31,2014.All adjusting entries have been made.

The amount that should be reported as current assets on Primer Corporation's balance sheet is
A)$151,300. 
B)$164,900. 
C)$217,300. 
D)$267,300.

Quizplus · Accepted Answer

To determine the current assets, we need to add up the balances of all accounts that are expected to be converted into cash or used up within one year. 
The current assets are: 
Cash $35,300 
Accounts receivable $40,000 
Inventory $89,600 
Total Current Assets $164,900. 
Therefore, the correct answer is B) $164,900.

The Accounts and Balances Shown Below Were Gathered from Primer