Connar Company reports the following accounts and balances a

Connar Company reports the following accounts and balances at year end: Long- Term Notes Payable $150,000 Short-term Investments$5,000 Accounts Receivable Accounts Payable Building Cash and Cash Equivalents Salaries Expense Common Stock Interest Payable $29,000 Income Taxes Payable $15,000 $37,000 Equipment $55,000 Supplies $84,000 Service Revenue $20,500 Supplies Expense $22,000 Utilities Expense $59,500 $7,000 $99,000 $18,000 $8,500 Income Tax Expense $1,500 $40,000 $10,000 Land What is the total amount of current assets at the end of the year? A. $125,000 B. $84,000 O C. $140,000 O D. $113,000 Click to select your answer 05/11/18 ? F2 F3 FS F7

Solution

Correct Answer is A. $1,25,000 Calculation of Current assets at the end of the year: Cash and Cash Equivalents = $     84,000 Add: Short-term Investment = $       5,000 Add: Accounts Receivable = $     29,000 Add: Supplies = $       7,000 Current Assets = $ 1,25,000