Constable Co What Is the Amount of Current Assets on the Classified

question 64

Multiple Choice

Constable Co.reported the following information at December 31,Year 1: $\begin{array}{lr}\text { Accounts Payable } & \$, 750 \\\text { Accounts Receivable } & 14,025 \\\text { Cash } & 35,235 \\\text { Common Stock } & 135,000 \\\text { Equipment } & 74,250 \\\text { Inventory } & 46,800 \\\text { Notes Payable due December 31, Year 3 } & 3,750 \\\text { Retained Earnings, December 31, Year 1 } & 21,135 \\\text { Wages Payable } & 3,675\end{array}$ What is the amount of current assets on the classified balance sheet?

• A)$170,310
• B)$96,060
• C)$49,260
• D)$123,255

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Definitions:

Deep Seafloor

The bottom layer of the ocean, extending from the continental margin to the abyssal plain, characterized by its depth, darkness, and unique ecosystem.

Coral Reef

A large underwater structure made of the skeletons of tiny sea creatures called corals, known for its rich biodiversity.

Fractured Rocks

Rocks that have been broken into pieces due to various processes such as pressure, temperature changes, or physical wear.

Weathering

The breakdown of rocks, soils, and minerals through direct contact with the Earth's atmosphere, water, and biological organisms.