Constable Co.reported the following information at December 31,Year 1: $\begin{array}{lr}
\text { Accounts Payable } & \$, 750 \
\text { Accounts Receivable } & 14,025 \
\text { Cash } & 35,235 \
\text { Common Stock } & 135,000 \
\text { Equipment } & 74,250 \
\text { Inventory } & 46,800 \
\text { Notes Payable due December 31, Year 3 } & 3,750 \
\text { Retained Earnings, December 31, Year 1 } & 21,135 \
\text { Wages Payable } & 3,675
\end{array}$ What is the amount of current assets on the classified balance sheet?
A)$170,310
B)$96,060
C)$49,260
D)$123,255

Question

Quizplus · Accepted Answer

Current assets include cash, accounts receivable, and inventory. Therefore, the total current assets are $35,235 (Cash) + $14,025 (Accounts Receivable) + $46,800 (Inventory) = $96,060.

Constable Co What Is the Amount of Current Assets on the Classified