Guinther & Sons,Inc. Guinther & Sons,Inc.a retailer of men's clothing,earned a net profit of $77,000 for 2014.The balance sheet for Guinther & Sons includes the following items:
Read the information for Guinther & Sons.Calculate the total amount of current assets for Guinther & Sons.

Question

Guinther & Sons,Inc. Guinther & Sons,Inc.a retailer of men's clothing,earned a net profit of $77,000 for 2014.The balance sheet for Guinther & Sons includes the following items:
 Read the information for Guinther & Sons.Calculate the total amount of current assets for Guinther & Sons.

Quizplus · Accepted Answer

To calculate the total amount of current assets, we add up cash and cash equivalents ($45,000), accounts receivable ($50,000), inventory ($45,000), and prepaid expenses ($10,000).
$45,000 + $50,000 + $45,000 + $10,000 = $150,000. Therefore, the total amount of current assets for Guinther & Sons is $150,000.