Question
Henderson Corporations trial balance for July 31, the end of its fiscal year, included the following accounts Accounts Receivable $21,000 Inventories 57,000 Copyright 18,000 Investments
- Henderson Corporations trial balance for July 31, the end of its fiscal year, included the following accounts
| Accounts Receivable | $21,000 |
| Inventories | 57,000 |
| Copyright | 18,000 |
| Investments | 41,000 |
| Prepaid Insurance | 6,000 |
| Note receivable, due in two years | 74,000 |
| Cash in Bank | 4,500 |
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.
The amount that should be classified as current assets in the July 31 balance sheet is _______.
- $129,500
- $125,500
- $82,000
- $199,500
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Modern Internal Auditing Appraising Operations And Controls
Authors: Victor Z. Brink, Herbert N. Witt
4th Edition
0471080977, 978-0471080978
