Use the Table for the Question(s)below

question 41

Multiple Choice

Use the table for the question(s) below.
Consider the following balance sheet:

-What is Luther's net working capital in 2011?

• A)$12 million
• B)$27 million
• C)$39 million
• D)$63.6 million

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Definitions:

Journal Entry

is a record in accounting that notes the details of a financial transaction, including the accounts affected, debits, and credits.

Prepaid Insurance

A current asset account that represents payments made for insurance services that will be consumed in future periods.

Posting Reference

An alphanumeric code or number used in accounting to indicate the ledger account that a journal entry has been posted to.

Journal Entry

A record of a financial transaction in an accounting system, detailing the accounts affected and the amounts debited and credited.