The balances of select accounts of Sandra Company as of December 31, 2018 are given below: Debit Credit Building $ 140 comma 000 Cash 10 comma 000 Office Supplies 1 comma 100 Furniture 5 comma 000 Prepaid Insurance 500 Accumulated Depreciationlong dashFurniture $ 3 comma 000 Land 34 comma 000 Accumulated Depreciationlong dashBuilding 4 comma 300 Accounts Receivable 2 comma 200 The insurance has been prepaid until June 30, 2019. Determine the amount of total current assets reported on the balance sheet at December 31, 2018.

Question

Alayna Pitts

Business

2 September, 05:06

The balances of select accounts of Sandra Company as of December 31, 2018 are given below: Debit Credit Building $ 140 comma 000 Cash 10 comma 000 Office Supplies 1 comma 100 Furniture 5 comma 000 Prepaid Insurance 500 Accumulated Depreciationlong dashFurniture $ 3 comma 000 Land 34 comma 000 Accumulated Depreciationlong dashBuilding 4 comma 300 Accounts Receivable 2 comma 200 The insurance has been prepaid until June 30, 2019. Determine the amount of total current assets reported on the balance sheet at December 31, 2018.

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Answers (1)

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Koen Cherry · Answer 1

The amount of total current assets reported on the balance sheet at December 31, 2018 is $13,800

Explanation:

The computation of the total current assets is shown below:

= Cash + Office Supplies + Prepaid Insurance + Accounts Receivable

= $10,000 + $1,100 + $500 + $2,200

= $13,800

All other items which are given in the question are related to the long term assets or fixed assets which is not related for the computation part as we have to find out for only the current assets, not the fixed assets