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24 June, 19:48

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.

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  1. 24 June, 20:11
    0
    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,
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