Current Assets of NorthPole

question 42

Multiple Choice

Current assets of NorthPole.com at the end of each quarter were: 1st quarter $1.3 million, 2nd quarter $1.7 million, 3rd quarter $1.5 million and 4th quarter $2.2 million. The best estimate for North Pole's permanent current assets is

• A) $2.2 million.
• B) $1.675 million.
• C) $1.3 million.
• D) $0.9 million.

---

Definitions:

Administrative Powers

encompass the authority and functions of governmental agencies and bodies to implement laws, issue regulations, and conduct affairs.

Trustee

An individual or firm that holds and administers property or assets for the benefit of a third party, often within a trust.

Nonexempt Assets

Assets that can be seized or used towards the satisfaction of debts under bankruptcy proceedings because they are not protected by exemption laws.

Liquidation

The process of winding up a business's operations and distributing its assets to claimants, often occurring when a company is insolvent.