Webb Corporation's trial balance for July 31,the end of its fiscal year,included the following accounts: The investment account consists of marketable securities of which management plans to sell half of by December 31.Prepaid insurance is a two year policy that was purchased on July 31.The note receivable is an installment note that will be paid in three equal installments on December 31 of each year.
The amount that should be classified as current assets in the July 31 balance sheet is ________.

Question

Webb Corporation's trial balance for July 31,the end of its fiscal year,included the following accounts:  The investment account consists of marketable securities of which management plans to sell half of by December 31.Prepaid insurance is a two year policy that was purchased on July 31.The note receivable is an installment note that will be paid in three equal installments on December 31 of each year.
The amount that should be classified as current assets in the July 31 balance sheet is ________.

Quizplus · Accepted Answer

The Answer of Webb Corporation's trial balance for July 31,the end of its fiscal year,included the following accounts:  The investment account consists of marketable securities of which management plans to sell half of by December 31.Prepaid insurance is a two year policy that was purchased on July 31.The note receivable is an installment note that will be paid in three equal installments on December 31 of each year.
The amount that should be classified as current assets in the July 31 balance sheet is ________.

Webb Corporation's Trial Balance for July 31,the End of Its