A Firm Has $450 in Inventory,$700 in Fixed Assets,$210 in Accounts

question 45

Multiple Choice

A firm has $450 in inventory,$700 in fixed assets,$210 in accounts receivable,$50 in accounts payable,and $60 in cash. What is the amount of the current assets?

• A) $510
• B) $560
• C) $600
• D) $660
• E) $720

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Definitions:

Release

A legal agreement where one party forfeits the right to pursue a claim or lawsuit against another party.

Damages

A monetary compensation awarded by a court to a person who has suffered a loss or injury.

Incidental Beneficiary

A person or entity that indirectly gains a benefit from a contract to which they are not a party, without the contract specifically intending such benefit.

Beneficiary

A person or entity entitled to receive benefits or assets under a legal arrangement or instrument, such as a will, trust, or insurance policy.