Kyle Company reported the following current assets on December 31, 2018: Cash 450,000 Accounts receivable 750,000 Trade notes receivable 200,000 Inventory 400,000 TOTAL:1,800,000

Accounts receivable comprised the following: Trade accounts receivable 500,000 Allowance for doubtful accounts (50,000) Selling price of Kyle Companys unsold goods sent to Chan Company on consignment at 150% of cost and excluded from Kyles ending inventory 300,000 TOTAL: 750,000

1. What amount should be reported as total current assets on December 31, 2018? A. 1,500,000 B. 1,650,000 C. 1,700,000 D. 1,750,000 show solution