Explore BrainMass
Share

Current Asset calculation for Trent Corp.

This content was STOLEN from BrainMass.com - View the original, and get the solution, here!

Trent Corp.'s trial balance reflected the following account balances at December 31, 2004:

Accounts receivable (net) ----------------------------------- $19,000
Trading securities ------------------------------------------ 6,000
Accumulated depreciation on equipment and furniture --------- 15,000
Cash -------------------------------------------------------- 11,000
Inventory --------------------------------------------------- 30,000
Equipment --------------------------------------------------- 25,000
Patent ------------------------------------------------------ 4,000
Prepaid expenses -------------------------------------------- 2,000
Land held for future business site -------------------------- 18,000

In Trent's December 31, 2004 balance sheet, the current asset total is
a. $85,000
b. $77,000
c. $72,000
d. $68,000

© BrainMass Inc. brainmass.com September 23, 2018, 4:59 am ad1c9bdddf - https://brainmass.com/business/valuing-securities/current-asset-calculation-for-trent-corp-187026

Solution Preview

Following are the current assets:
Accounts receivable (net) ----------------------------------- $19,000 ...

Solution Summary

Answers a conceptual question on current asset calculation.

$2.19