Calculate current assets.

Cash 932
Property, plant & equipment 133,221
Bank loan, 5 years 16,821
Inventory 635
Notes payable, 10 years 11,405
Accounts receivable 1,767
Accounts payable 5,016
Unearned revenue 1,548
Prepaid insurance 6,341
Salary payable 1,618
Patents 188,385

Question

Calculate current assets.

Cash	932
Property, plant & equipment	133,221
Bank loan, 5 years	16,821
Inventory	635
Notes payable, 10 years	11,405
Accounts receivable	1,767
Accounts payable	5,016
Unearned revenue	1,548
Prepaid insurance	6,341
Salary payable	1,618
Patents	188,385

BlackTom AI · Accepted Answer

To determine current assets, identify which items in the list are assets and classify them as current (short-term) versus non-current (long-term).
First, separate asset categories from liabilities and equity: the items include cash, accounts receivable, inventory, prepaid insurance, property, plant & equipment (non-current), patents (likely intangible asset, typically non-current), and various liabilities (bank loan, notes payable, accounts payable, unearned revenue, salary payable).
Next, select only the current assets: cash (932), accounts receivable (1,767), inventory (635), and prepaid insurance (6,341). Sum these amounts to get the total current assets.
Now, perform the arithmetic step by step: 932 + 1,767 = 2,699. Then add 635 to get 3,334. Finally, add 6,341 to reach 9,675.
It is important to exclude non-current assets such as property, plant & equipment (133,221) and patents (188,385) from current assets, since they provide economic benefits over a longer period. Likewise, liabilities and other items listed (notes payable, accounts payable, unearned revenue, salary payable, bank loan) do not contribute to current assets and should not be included in this total.
Therefore, the calculated current assets total is 9,675.

BACC011 Week 3: Practice Quiz

Calculate current assets. Cash 932 Property, plant & equipment 133,221 Bank loan, 5 years 16,821 Inventory 635 Notes payable, 10 years 11,405 Accounts receivable 1,767 Accounts payable 5,016 Unearned revenue 1,548 Prepaid insurance 6,341 Salary payable 1,618 Patents 188,385

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Referring to the Balance Sheet printed in Step 22 of the Practical Exam, what is the amount shown for Total current assets?

Calculate the current assets. Cash 789 Property, plant & equipment 128,859 Bank loan, 5 years 13,482 Inventory 440 Notes payable, 10 years 10,052 Accounts receivable 1,143 Accounts payable 5,766 Unearned revenue 1,929 Prepaid insurance 8,197 Salary payable 1,110 Patents 141,164

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What are current assets? BlackTom题目解析

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