Hendrickson Corporation's trial balance for July 31, the end of its fiscal year, included the following accounts: Investments are treasury bills that were purchased in May and mature on August 15. Prepaid insurance is a three-year policy that was purchased on July 31.
The amount that should be classified as current assets in the July 31 balance sheet is ________.
A) $129,500
B) $125,500
C) $82,000
D) $199,500
Correct Answer:
Verified
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