Question

The Pioneer Company has provided the following account balances: Cash $38,600; Short-term investments $4,600; Accounts receivable $51,000; Supplies $6,600; Long-term notes receivable $2,600; Equipment $99,000; Factory Building $186,000; Intangible assets $6,600; Accounts payable $29,400; Accrued liabilities payable $3,700; Short-term notes payable $15,200; Long-term notes payable $95,000; Common stock $186,000; Retained earnings $65,700. What are Pioneer's total current assets?

Answer 1

Answer:

Total Current Assets      $ 100,800

Explanation:

The current asset are those assets which are cash cash or the firm expect to convert in cash within a 12 month period (one-year)

Assets with a useful life or collection date longer than a year will be considered non-current thus, non included in current asset

Cash                                $  38,600

Short-term investments $     4,600

Accounts receivable      $    51,000

Supplies                          $     6,600  

Total Current Assets      $ 100,800