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Oksanka [162]
2 years ago
7

Based on the following data, what is the amount of current assets? Accounts payable……………………………………………………….. $62,000 Accounts rece

ivable…………………………………………………….. 100,000 Cash………………………………………………………………………. 70,000 Intangible assets………………………………………………………… 100,000 Inventory…………………………………………………………………. 138,000 Long-term investments…………………………………………………. 160,000 Long-term liabilities……………………………………………………… 200,000 Short-term investments…………………………………………………. 80,000 Notes payable……………………………………………………………. 56,000 Property, plant, and equipment……………………………………….. 1,340,000 Prepaid insurance……………………………………………………….. 2,000
Business
1 answer:
Vlad1618 [11]2 years ago
4 0

Answer:

The amount of current assets are $252,000

Explanation:

Current assets: The current assets are those assets who are converted into cash within one year. Like - accounts receivable, cash, inventory, prepaid insurance, etc.

The total amount of the current assets are shown below:

= Accounts receivable + Cash + Inventory +  Short-term investments + Prepaid insurance

= $100,000 + $70,000 + $80,000 + $2,000

= $252,000

The other items represent current liabilities, long term liabilities, intangible assets, and the fixed assets so, we do not consider them in the computation part.

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Answer:

(a) Straight-line depreciation.

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(b) Activity method for 2014 and 2015, assuming that machine usage was 15,000 hours for 2014; 11,710 hours for 2015; 12,150 hours for 2016 and 1,140 hours for 2017.

depreciation expense per unit = $300,000 / 40,000 = $7.50 per unit

depreciation expense 2014 = $7.50 x 15,000 = $112,500

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(c) Sum-of-the-years'-digits.

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depreciation expense 2015 = $300,000 x 3/10 = $90,000

(d) Double-declining-balance.

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Answer and Explanation:

The computation is shown below:

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