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.

Question

Amiya

Business

14 November, 06:22

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.

+5

Answers (2)

Know the Answer?

Reed Bradford · Answer 1

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

Margaret Gentry · Answer 2

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