Below Is a List of Various Balance Sheet Accounts and Their

question 67

Multiple Choice

Below is a list of various balance sheet accounts and their balances. $$\begin{array} { | l | r | r | } \hline & { \text { Debit } } & \text { Credit } \\\hline \text { Building } & \$ 100,000 & \\\hline \text { Cash } & 2,000 & \\\hline \text { Supplies } & 800 & \\\hline \text { Furniture } & 2,600 & \\\hline \text { Prepaid insurance } & 150 & \\\hline \text { Accumulated depreciation-furniture } & & \$ 900 \\\hline \text { Inventory } && \\\hline \text { Land } & 25,000 & \\ \hline \text { Accumulated depreciation-building } & & 4,800 \\\hline \text { Accounts receivable } &1,500 & \\\hline\end{array}$$ What are the total current assets that would be shown on the balance sheet?

• A) $7,050
• B) $32,050
• C) $4,450
• D) $4,300

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Definitions:

Binary Search

An efficient algorithm for finding an item from a sorted list of items by repeatedly dividing in half the portion of the list that could contain the item.

Sequential Search

A search algorithm that checks each element in a list one at a time until the desired element is found or the list ends.

Recursive Method

A method that calls itself in order to solve a problem by breaking it down into smaller, more manageable tasks.

Binary Search

A search algorithm that finds the position of a target value within a sorted array by repeatedly dividing in half the portion of the list that could contain the target, thereby reducing the search area.