Answer:
The current assets amounts to $783,400
Explanation:
Current asset is the asset which are expected to be consumed, exhausted or sold by the normal business operations within the present accounting period.
The current assets of the industry is computed as:
Current assets = Inventory + Accounts receivable + Cash
where
Inventory is $417,600
Accounts receivable is $313,900
Cash is $51,900
So, putting the values above:
Current assets = $417,600 + $313,900 + $51,900
Current assets = $783,400
NOTE: Equipment is the assets but it is a long term assets and accounts payable is the liability for the business. So, these both will not included while computing the current assets.
