The accounts and balances shown below were gathered from Primer Corporation's trial balance on December 31,2014.All adjusting entries have been made. The amount that should be reported as current assets on Primer Corporation's balance sheet is
A) $151,300.
B) $164,900.
C) $217,300.
D) $267,300.

Question

The accounts and balances shown below were gathered from Primer Corporation's trial balance on December 31,2014.All adjusting entries have been made.  The amount that should be reported as current assets on Primer Corporation's balance sheet is
A) $151,300. 
B) $164,900. 
C) $217,300. 
D) $267,300.

Quizplus · Accepted Answer

Current assets include cash, accounts receivable, inventory, and prepaid expenses. From the given trial balance, the current assets can be calculated as:

Cash and cash equivalents = $62,500
Accounts receivable = $48,800
Inventory = $53,600
Prepaid expenses = $0 (already adjusted)

Thus, the total current assets = $62,500 + $48,800 + $53,600 = $164,900. Therefore, the correct answer is option B.

The Accounts and Balances Shown Below Were Gathered from Primer