Question

Huron has provided the following year-end balances: Cash, $25,000 Patents, $7,900 Accounts receivable, $9,300 Property, plant, and equipment, $98,700 Prepaid insurance, $3,600 Accumulated depreciation, $10,000 Inventory, $37,000 Retained earnings, 15,500 Trademarks, $12,600 Accounts payable, $8,000 Goodwill, $11,000 How much are Huron's current assets?

Answer 1

Answer:

$74,900

Explanation:

Given that,

Cash = $25,000

Patents, = $7,900

Accounts receivable, = $9,300

Property, plant, and equipment, = $98,700

Prepaid insurance, = $3,600

Accumulated depreciation, = $10,000

Inventory, = $37,000

Retained earnings, = 15,500

Trademarks, = $12,600

Accounts payable, = $8,000

Goodwill, = $11,000

Therefore,

Huron's current assets:

= Cash + Accounts receivable + Prepaid insurance + Inventory

= $25,000 + $9,300 + $3,600 + $37,000

= $74,900