The Balances of Select Accounts of Sandra,Inc The Insurance Has Been Prepaid Until June 30,2017

question 76

Multiple Choice

The balances of select accounts of Sandra,Inc.as of December 31,2016 are given below: $$\begin{array} { | l | r | r | } \hline & { \text { Debit } } & \text { Credit } \\\hline \text { Building } & \$ 140,000 & \\\hline \text { Cash } & 8,000 & \\\hline \text { Office Supplies } & 1,100 & \\\hline \text { Furniture } & 5,000 & \\\hline \text { Prepaid Insurance } & 450 & \\\hline \text { Accumulated Depreciation-Furniture } & & \$ 3,000 \\\hline \text { Land } & 32,000 & \\\hline \text { Accumulated Depreciation-Building } & &4,700 \\\hline \text { Accounts Receivable } & 2,300 & \\\hline\end{array}$$ The insurance has been prepaid until June 30,2017.Determine the amount of total current assets reported on the balance sheet.

• A)$15,300
• B)$9,100
• C)$11,850
• D)$9,550

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Definitions:

Prices

The amount of money required to purchase goods or services, determined by factors like supply and demand, production costs, and competition.

Cutthroat Competitor

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Competitive Spectrum

Refers to the range of competition levels within an industry, from perfect competition to complete monopoly.

Competitiveness

The ability of a company, sector, or country to produce goods or services that meet the test of international markets while simultaneously maintaining or expanding the real incomes of its citizens.