Kramer and Associates has the following account balances listed in alphabetical order: Accumulated Depreciation, $23,000; Accounts Payable, $8,500, Accounts Receivable, $10,000; Cash, $3,000; Equipment, $41,000, Land, $22,000, Mortgage Payable, $42,000; Prepaid Insurance, $9,500; Supplies, $1,000; Unearned Revenue, $4,000; Wages payable, $2,000. Kramer and Associates' current assets are:

Question

Quizplus · Accepted Answer

Current assets are the assets that can be easily converted into cash within one year or one operating cycle. In this case, the current assets are cash ($3,000), accounts receivable ($10,000), prepaid insurance ($9,500), and supplies ($1,000), which have a total of $23,500.

Kramer and Associates Has the Following Account Balances Listed in Alphabetical