Question

Sheridan Company's trial balance reflected the following account balances at December 31, 2017:

Accounts receivable (net) $37,000
Trading securities 11,500
Accumulated depreciation on equipment and furniture 29,000
Cash 33,000
Inventory 58,500
Equipment 45,000
Patent 9,000
Prepaid expenses 3,700
Land held for future business site 36,500

In Sheridan’s December 31, 2017 balance sheet, the current assets total is:

a. $212500.
b. $234300.
c. $146500.
d. $218300.

Answer 1

Answer:

$143,700

Explanation:

Current assets in Sheridan Company's trial balance are;

Accounts receivable (net) = $37,000

Trading securities = $11,500

Cash = $33,000

Inventory = $58,500

Prepaid expenses = $3,700

Total current assets = $37,000 + $11,500  + $33,000  + $58,500  + $3,700

                                 = $143,700

The right answer is not given as an option.