Consider the data in the Inventories T-account shown below and the partial listing of account balances at the end of the year. Partial listing of account balances at the end of the year:
The amount of Total Current Assets that would be reported on the company's balance sheet at the end of the year would be:

Question

Quizplus · Accepted Answer

To determine the total current assets, we need to add the balances of all the current assets accounts, which are Cash, Accounts Receivable, Prepaid Rent, and Inventories.

Cash + Accounts Receivable + Prepaid Rent + Inventories = $45,200 + $82,000 + $10,500 + $231,800 = $369,500

Therefore, the amount of Total Current Assets that would be reported on the company's balance sheet at the end of the year is $368,500 (rounded to the nearest hundred).

Consider the Data in the Inventories T-Account Shown Below and the Partial