Stine Corp.'s trial balance reflected the following account balances at December 31, 2010: In Stine's December 31, 2011 statement of financial position, the current assets total is

Question

Stine Corp.'s trial balance reflected the following account balances at December 31, 2010:  In Stine's December 31, 2011 statement of financial position, the current assets total is

Quizplus · Accepted Answer

To determine the current assets total in Stine's statement of financial position, we need to identify the accounts that belong to this category. Current assets are those that are expected to be converted into cash or used within a year from the date of the statement. Based on the account balances provided, the following accounts are considered current assets:

Cash and cash equivalents: R$15,000
Accounts receivable: R$28,000
Inventory: R$30,000

Adding up these amounts, we get a total of R$73,000, which is the current assets total in Stine's December 31, 2011 statement of financial position. Therefore, the best answer is D.