Question

The following is the adjusted trial balance for Stockton Company.

Stockton Company Adjusted Trial Balance December 31

Cash 5,750
Accounts Receivable 2,638
Prepaid Expenses 666
Equipment 15,656
Accumulated Depreciation 11,796
Accounts Payable 1,646
Notes Payable 5,278
Common Stock 1,000
Retained Earnings 3,274
Dividends 893
Fees Earned 7,578
Wages Expense 3,330
Rent Expense 869
Utilities Expense 419
Depreciation Expense 271
Miscellaneous Expense 80
Totals 30,572 30,572

Determine the current assets.

Answer 1

Answer:

the current assets amount is $9,054

Explanation:

Current Assets are Economic Resources that will result in Inflow of Future Economic Benefits for a Period less that 12 months.

Current Assets Calculation :

Cash                                       5,750

Accounts Receivable            2,638

Prepaid Expenses                   666

Total                                       9,054

Answer 2

Answer:

The value of current assets is $9054.

Explanation:

The current assets are the assets which are expected to be sold or consumed within a year under the normal operations of the business. The current assets are usually the cash and cash equivalents,  the prepaid expenses, accounts receivables and the inventory.

In the given trial balance, there are only three current assets - Cash, Accounts receivable and prepaid expenses.

The current assets are = 5750 + 2638 + 666 = $9054