Below Is a List of Various Balance Sheet Accounts and Their

question 2

Multiple Choice

Below is a list of various balance sheet accounts and their balances.
$$\begin{array} { | l | l | l | } \hline & { \text { Debit } } & \text { Credit } \\\hline \text { Building } & \$ 120,000 & \\\hline \text { Cash } & 10,000 & \\\hline \text { Supplies } & 300 & \\\hline \text { Furniture } & 3000 & \\\hline \text { Prepaid insurance } & 650 & \\\hline \text { Accumulated depreciation - furniture } & & \$ 4000 \\\hline \text { Land } & 33,000 & \\\hline \text { Accumulated depreciation - building } & & 4300 \\\hline \text { Accounts receivable } & 2200 & \\\hline\end{array}$$
What are the total current assets that would be shown on the balance sheet?

• A) $11,450
• B) $10,800
• C) $13,650
• D) $15,200

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Definitions:

Accommodative Strategy

Accepts social responsibility and tries to satisfy prevailing economic, legal and ethical performance criteria.

Discretionary Responsibilities

Obligations that an individual or organization chooses to undertake out of ethical or moral principles rather than because of legal requirements.

Economic Responsibility

The obligation of an organization or individual to act in ways that benefit the economic well-being of society.

Ethical Dilemma

Situations where one is faced with choosing between two morally correct but contradictory actions, making it difficult to decide the right course.