Question
Lime Key Corporation's trial balance for 12/31, the end of its fiscal year, included the following accounts: Accounts Receivable $28,000 Inventories 55,000 Copyright 18,000 Investments*
Lime Key Corporation's trial balance for 12/31, the end of its fiscal year, included the following accounts:
Accounts Receivable | $28,000 |
Inventories | 55,000 |
Copyright | 18,000 |
Investments* | 44,000 |
Prepaid Insurance** | 9,000 |
Note receivable, due in two years | 74,000 |
Cash in Bank | 7,500 |
* Investments are treasury bills that were purchased in September 1 and mature on November 15.
** Prepaid insurance is a three-year policy that was purchased on January 1.
The amount that should be classified as current assets in the December 31 balance sheet is ________.
Group of answer choices
$137,500
$143,500
$96,500
$134,500
$235,500
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