The Balances of Select Accounts of Sandra Company as at December

question 88

Multiple Choice

The balances of select accounts of Sandra Company as at December 31, 2015 are given below: $$\begin{array} { | l | r | r | } \hline & { \text { Debit } } & { \text { Credit } } \\\hline \text { Building } & \$ 120,000 & \\\hline \text { Cash } & 5,000 & \\\hline \text { Office Supplies } & 700 & \\\hline \text { Furniture } & 3,000 & \\\hline \text { Prepaid Insurance } & 450 & \\\hline \text { Accumulated Depreciation-Furniture } & & \$ 1,000 \\\hline \text { Land } & 35,000 & \\\hline \text { Accumulated Depreciation-Building } & & 4,800 \\\hline \text { Accounts Receivable } & 2,500 & \\\hline\end{array}$$
-Refer to the table above.The insurance has been prepaid for the next half year. What are the total current assets that would be shown on the balance sheet?

• A) $10,500
• B) $5,700
• C) $8,650
• D) $6,150

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Definitions:

Import Demand Curve

A graph showing the relationship between the price of an imported good and the quantity of the good that consumers in the importing country are willing to buy.

Equilibrium World Price

The price at which the supply of a good on a global scale exactly matches the world demand for that good.

Production Possibilities Curve

A graphical representation that shows the maximum quantity of two goods that can be produced within a given resource constraint.

Trading Possibilities Curve

A graphical representation that shows the different quantities of two goods or services that a country can efficiently produce and trade given fixed resources.