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What is the correct amount of current assets

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Problem - The statement of financial position of Cindy Company on December 31, 2017 contained the following data:

Cash, including sinking fund of $50,000 with trustee $150,000

Accounts receivable 300,000

Inventory, including $20,000 cost of goods in transit purchased FOB point of destination. The goods are received Jan. 5, 2018 200,000

$650,000

The balance of accounts receivable disclosed the following:

Trade accounts $250,000

Advances to employees 10,000

Equity in $125,000 of accounts receivable assigned 5,000 Sales price of goods invoiced to customers at 40% profit on sales on December 26, 2017 but delivered on January 3, 2018, and not included in reported inventory 35,000

$300,000

Required - What is the correct amount of current assets on December 31, 2017?

Reference no: EM132680856

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