Mylex Has Current Assets of $95, Net Fixed Assets of $250

question 204

Multiple Choice

Mylex has current assets of $95, net fixed assets of $250, long-term debt of $40, and owners' equity of $200, what is the value of current liabilities if that is the only other item on the statement of financial position?

• A) -$50
• B) $50
• C) $105
• D) $145
• E) $545

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Definitions:

Cash Payments

Transactions where payment for goods or services is made in currency or via banknotes rather than by cheque, credit card, or other electronic means.

Tender Of Payment

Offering of money or payment as satisfaction of a debt or obligation.

Reject

To refuse to accept, submit to, believe, or make use of something.

Required Amount

The specific quantity of something needed or mandated by regulations or agreements.