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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
Copyright ?20,000
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
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