A company reported the following current assets at year end: Cash 3,500,000 Accounts receivable 3,000,000 Inventory 2,800,000 Prepaid Insurance 200,000 Total current assets 9,500,000 The accounts receivable consisted of the following: Customers’ accounts 1,400,000 Employees’ account
A company reported the following current assets at year end:
Cash 3,500,000
Inventory 2,800,000
Prepaid Insurance 200,000
Total current assets 9,500,000
The accounts receivable consisted of the following:
Customers’ accounts 1,400,000
Employees’ account collectible currently 200,000
Advances to subsidiary 500,000
Allowances for doubtful accounts (100,000)
Subscription receivable, not collectible currently 1,000,000
Total accounts receivable 3,000,000
What total amount should be reported as current assets at year-end?
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