What amount of current assets appear on balance sheet

Assignment Help Accounting Basics

Reference no: EM13257643

The adjusted trial balance of Lamont Corp. included the following accounts:

Accounts Payable	$ 15,000
Accounts Receivable	25,000
Accumulated Depreciation - Building	25,000
Building	110,000
Capital Stock	60,000
Cash	25,000
Interest Payable	2,000
Merchandise Inventory	20,000
Land	60,000
Prepaid Insurance	3,000
Retained Earnings	64,000
Currently maturing portion of the Note Payable	5,000
Supplies	1,000
Unearned Rent	2,000
Note Payable (due in annual installments over fiveyears)	20,000

1. What amount of current assetswould appear on the balance sheet?

A) $72,000

B) $74,000

C) $83,000

D) $97,000

E) None of the above is correct.

2. What amount of currentliabilities would appear on the balance sheet?

A) $15,000

B) $19,000

C) $22,000

D) $24,000

Reference no: EM13257643

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