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Topic
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Clear Co’s trial balance has the following selected accounts:
Cash (includes $10,000 in bond-sinking fund for long-term bond payable) $50,000
Accounts receivable 20,000
Allowance for doubtful accounts 5,000
Deposits received from customers 3,000
Merchandise inventory 7,000
Unearned rent 1,000
Investment trading securities 2,000
What amount should Clear report as total current assets in its balance sheet?
A. $64,000
B. $67,000
C. $72,000
D. $74,000
answer A
I got Cash, AR net of allowance, inventory, and trading securities as current assets so 50,000 + 20,000 + (5,000) + 7,000 + 2,000 = 74,000. Is this not right?
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