Knowledge Check 01 For the budget period ending December 31 of the current year, Aaron Corporation estimates its ending balances for cash as $4,000, accounts receivable as $16,000, finished goods Inventory as $12,000, and raw materials Inventory as $8,000. Invoices relating to raw materials in the amount of $14,000 are expected to be unpaid as of December 31. What is the amount of total current assets that will be reported on the budgeted balance sheet? O $20,000 O $26.000 O $32,000 O $40,000
Knowledge Check 01 For the budget period ending December 31 of the current year, Aaron Corporation estimates its ending balances for cash as $4,000, accounts receivable as $16,000, finished goods Inventory as $12,000, and raw materials Inventory as $8,000. Invoices relating to raw materials in the amount of $14,000 are expected to be unpaid as of December 31. What is the amount of total current assets that will be reported on the budgeted balance sheet? O $20,000 O $26.000 O $32,000 O $40,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Knowledge Check 01
For the budget period ending December 31 of the current year, Aaron Corporation estimates its ending balances for cash as
$4,000, accounts receivable as $16,000, finished goods Inventory as $12,000, and raw materials Inventory as $8,000.
Invoices relating to raw materials in the amount of $14,000 are expected to be unpaid as of December 31. What is the amount
of total current assets that will be reported on the budgeted balance sheet?
O $20,000
O $26.000
O $32,000
O $40,000
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