Question

Use the information in the adjusted trial balance presented below to calculate current assets for Jones Company: Account Title Debit Credit Cash 47,000 Accounts receivable 24,000 Prepaid insurance 9,800 Equipment 180,000 Accumulated Depreciation - Equipment 90,000 Land 103,000 Accounts payable 25,000 Interest payable 4,400 Unearned revenue 7,400 Long-term notes payable 54,000 J. Jones, Capital 183,000 Totals 363,800 363,800

Answer 1

Answer:

the current asset for Jones company is $80,800

Explanation:

The computation of the current asset is shown below

Current Assets = Cash + Accounts Receivable+ Prepaid Insurance

= $47,000 + $24,000 + $9,800

= $80,800

hence, the current asset for Jones company is $80,800

We simply applied the above formula so that the correct value could come

And, the same is to be considered