The balances of select accounts of Sandra, Inc. as of December 31, 2024 are given below: Debit Credit Building $130,000 Cash 10,000 Office Supplies 700 Furniture 3,000 Prepaid Insurance 650 Accumulated Depreciation—Furniture $1,000 Land 30,000 Accumulated Depreciation—Building 4,000 Accounts Receivable 2,300 The insurance has been prepaid until June 30, 2025. Determine the amount of total current assets reported on the balance sheet at December 31, 2024. A. $15,300 B. $10,700 C. $13,650 D. $ 11,350

The balances of select accounts of Sandra, Inc. as of December 31, 2024 are given below: Debit Credit Building $130,000 Cash 10,000 Office Supplies 700 Furniture 3,000 Prepaid Insurance 650 Accumulated Depreciation—Furniture $1,000 Land 30,000 Accumulated Depreciation—Building 4,000 Accounts Receivable 2,300 The insurance has been prepaid until June 30, 2025. Determine the amount of total current assets reported on the balance sheet at December 31, 2024. A. $15,300 B. $10,700 C. $13,650 D. $ 11,350

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The balances of select accounts of Sandra, Inc. as of December 31, 2024 are given below:

	Debit	Credit
Building	$130,000
Cash	10,000
Office Supplies	700
Furniture	3,000
Prepaid Insurance	650
Accumulated Depreciation—Furniture		$1,000
Land	30,000
Accumulated Depreciation—Building		4,000
Accounts Receivable	2,300

The insurance has been prepaid until June 30, 2025. Determine the amount of total current assets reported on the balance sheet at December 31, 2024.

$15,300

$10,700

$13,650

$ 11,350

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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