Use the Information Below for Privett Company to Answer the Questions

question 20

Multiple Choice

Use the information below for Privett Company to answer the questions that follow.
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$$\begin{array}{l}\text { Privett Company }\\\begin{array} { l r } \text { Accounts payable } & \$ 30,000 \\\text { Accounts receivable } & 35,000 \\\text { Accrued liabilities } & 7,000 \\\text { Cash } & 25,000 \\\text { Intangible assets } & 40,000 \\\text { Inventory } & 72,000 \\\text { Long-term investments } & 100,000 \\\text { Long-term liabilities } & 75,000 \\\text { Marketable securities } & 36,000 \\\text { Notes payable (short-term) } & 20,000 \\\text { Property, plant, and equipment } & 400,000 \\\text { Prepaid expenses } & 2,000\end{array}\end{array}$$
-Based on the data for Privett Company, what is the amount of quick assets?

• A) $168,000
• B) $96,000
• C) $60,000
• D) $61,000

Comprehend the concepts of bailment in scenarios involving personal property left in commercial establishments and the obligations of the parties involved.

Understand the legal implications of commingled fungible goods and the distribution of rights among contributors.

Grasp the principles governing the transfer of ownership through voluntary transfer, finding, creation, and confusion.

Recognize the conditions for the legal transfer and registration requirements of tangible property.

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