Solved

Reese Corp In Reese's December 31, 2007 Balance Sheet, the Current Assets

Question 76

Multiple Choice

Reese Corp.'s trial balance reflected the following account balances at December 31, 2007:  Accounts receivable (net)  $24,000 Trading securities 6,000 Accumulated depreciation on equipment and furniture 15,000 Cash 11,000 Inventory 30,000 Equipment 25,000 Patent 4,000 Prepaid expenses 2,000 Land held for future business site 18,000\begin{array} { l r } \text { Accounts receivable (net) } & \$ 24,000 \\\text { Trading securities } & 6,000 \\\text { Accumulated depreciation on equipment and furniture } & 15,000 \\\text { Cash } & 11,000 \\\text { Inventory } & 30,000 \\\text { Equipment } & 25,000 \\\text { Patent } & 4,000 \\\text { Prepaid expenses } & 2,000 \\\text { Land held for future business site } & 18,000\end{array} In Reese's December 31, 2007 balance sheet, the current assets total is


A) $90,000.
B) $82,000.
C) $77,000.
D) $73,000.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents