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The following is selected financial information for Wright Company: Cash $ 40,000 Prepaid insurance 15,000 Retained earnings 125,000 Inventory 75,000 Unearned revenue 20,000 Salary expense
The following is selected financial information for Wright Company: |
Cash | $ | 40,000 |
Prepaid insurance | 15,000 | |
Retained earnings | 125,000 | |
Inventory | 75,000 | |
Unearned revenue | 20,000 | |
Salary expense | 75,000 | |
Depreciation expense | 25,000 | |
Property, plant, and equipment | 450,000 | |
Accumulated depreciation | 90,000 | |
Accounts payable | 100,000 | |
Long-term notes payable (due in 5 years) | 275,000 | |
Sales revenue | 418,000 | |
Salaries payable | 5,000 | |
Common stock | 50,000 | |
Accounts receivable | 85,000 | |
Cost of goods sold | 220,000 |
What is the amount of Wright Company's total current assets? a. $140,000 b. $215,000 c. $200,000 d. $575,000 |
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