Solution-What the amount that should be classified as

What the amount that should be classified as current assets

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Reference no: EM133091097

Question - Hendrickson? Corporation's trial balance for July? 31, the end of its fiscal? year, included the following? accounts:

Accounts Receivable ?$22,000

Inventories ?65,000

Investments ?41,000

Prepaid Insurance ?12,000

Note? receivable, due in two years ?77,000

Cash in Bank ?6,500

Investments are treasury bills that were purchased in May and mature on August 15. Prepaid insurance is a three-year policy that was purchased on July 31.

Required - What the amount that should be classified as current assets in the July 31 balance sheet?

A. ?$146,500

B. ?$138,500

C. ?$215,500

D. ?$87,000

Reference no: EM133091097

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What the amount that should be classified as current assets

Reference no: EM133091097

Reference no: EM133091097

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