Use the Following to Answer Questions

question 109

Multiple Choice

Use the following to answer questions
The following partial balance sheet ($ in thousands) for Paisano Seafood Inc.is shown below.
-Quick assets total:

• A)$60.
• B)$230.
• C)$280.
• D)$305.

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Definitions:

Unrealized Profits

Profits that have been recognized in the accounting records but have not yet been realized through the receipt or payment of cash or other assets.

Inventory

The total amount of goods and materials held by a company for the purpose of sale or production.

Income Taxes

Taxes that individuals or entities pay on their income to federal, state, or local tax authorities.

Unrealized Intercompany Profits

Profits that arise from transactions between entities within the same group, which are not yet realized through sales to external parties.