Reference no: EM133184361

Question 1 - The following data include all the elements from Tuche Millinery income statement:

Administrative Expense $231

Cost of Goods Sold 263

Gain on Sale of Securities 41

Income Tax Expense 57

Loss on Discontinued Operations after Tax 38

Loss on Disposal of Equipment 86

Revenue 865

Selling Expense 124

Required - What is the amount of income from continuing operations for Tuche Millinery?

Question 2 - Lime Key Corporation's trial balance for December 31, the end of its fiscal year, included the following? accounts:

Accounts Receivable: $28,000

Inventories: 55,000

Copyright: 18,000

Allowance for Doubtful Accounts: 6,000

Prepaid Insurance: 10,000

Note Receivable, Due in Two Years: 71,000

Investments in Treasury Bills (Short-term: 5,000

Cash in Bank: 9,500

Investments are treasury bills that were purchased in November and mature on January 15. Prepaid insurance is a one-year policy that was purchased on December 31.

Required - The amount that should be classified as current assets in the December 31 balance sheet is? ________.