Question
Mare Co's December 31,20x1 balance sheet reported the following current assets: Cash 70,000 Accounts receivable 120,000 Inventories 60,000 Total: 250,000 An analysis of the accounts
Mare Co's December 31,20x1 balance sheet reported the following current assets:
Cash 70,000
Accounts receivable 120,000
Inventories 60,000
Total: 250,000
An analysis of the accounts disclosed that accounts receivable consisted of the following:
Trade accounts 96,000
Allowance for uncollectible accounts (2,000)
Selling price of Mares unsold goods out on
Consignment 130% of cost, not included in Mare's
Ending inventory 26,000
Total: 120,000
At December 31, 20x1, the total of Mare's current asset is?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
15th Edition
978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960
