Answer:
Total current assets = $697,750
 
Explanation:
The partial balance sheet is as follows:
Waterways Corporation
Balance Sheet (Partial)
For the month of November 2016
<u>Details                                                                $                         $          </u>
<u>Current Assets</u>
Cash                                                           260,000 
Accounts Receivable                                 275,000 
Finished Goods Inventory, November       68,800 
Raw Materials Inventory, November          52,700 
Prepaid Expenses                                    <u>    41,250  </u>
Total current assets                                                              697,750 
Note:
Cash is the most liquid of assets. 
Accounts receivable which should be collected within 30 to 60 days are less liquid than cash, but more liquid than inventory. 
Finished Goods Inventory which is expected to be sold and converted to cash within one year, and Raw Materials Inventory which is expected to be converted to finished good within one year are more liquid than Prepaid expense. 
Therefore, the least liquid among current assets’ item above is the Prepaid Expense as it is cash paid for services not yet received..