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Current Asset calculation for Trent Corp.

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

Solution Preview

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

Solution Summary

Answers a conceptual question on current asset calculation.

$2.19