Question

The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below.Assets Liabilities and EquityCurrent assets: Current liabilities:Cash $ 60 Accounts payable $ 240Accounts receivable (net) 170 Other liabilities 80Notes receivable 50 Total current liabilities 320Inventories 200 Long-term liabilities 110Prepaid expenses 25 Total liabilities 430Total current assets 505 Shareholders' equity:Plant assets (net) 255 Capital stock 150Retained earnings 180Total shareholders' equity 330Total assets $ 760 Total liabilities and equity $ 760Quick assets total:(A) $280 thousand. Correct
(B) $60 thousand.
(C) $230 thousand.
`(D) $305 thousand.

Answer 1

Answer:

Total current assets = $60 + $170 + $50+ $200+ 25 =  $505

Quick assets = Total current assets - Inventory

Quick assets = $505 - $200  = $305

The correct answer is D

Explanation:

Total current asset is the aggregate of cash, accounts receivable, notes receivable, inventory and prepaid expenses.

Quick asset is the difference between total current assets and inventory,

Answer 2

The Quick assets total of Paisano Seafood Inc based on the partial balance sheet is (D) $305 thousand.

What are quick assets?

Quick assets are the assets that are in the form of cash or cash equivalents, or which can easily be converted into cash.

For instance, the quick assets of Paisano Seafood Inc. can be computed as follows:

Data and Calculations:

Quick assets = Current assets - inventory

= $505 - $200

Total quick assets = $305

Thus, the Quick assets total of Paisano Seafood Inc based on the partial balance sheet is (D) $305 thousand.

Learn more about quick assets at https://brainly.com/question/15521056

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