Cash $10,000 Accounts Payable $7,000
Accounts Receivable $6,400 Mortgage Payable $65,000
Supplies $1,500 Long-term Debt $36,000
Building $150,000 Notes Payable $9,000
Equipment $80,000 Preferred Stock $32,000
Merchandise Inventory $18,000 Retained Earnings $59,900
Prepaid Rent $3,000
Common Stock $60,000
Current Assets Total?
To find the total of the current assets, you need to add up the values of the Cash, Accounts Receivable, Supplies, and Merchandise Inventory.
Here is how you can calculate it:
1. Add the value of Cash ($10,000) to the value of Accounts Receivable ($6,400). The sum is $10,000 + $6,400 = $16,400.
2. Add the value of Supplies ($1,500) to the sum obtained in the previous step ($16,400). The new sum is $1,500 + $16,400 = $17,900.
3. Add the value of Merchandise Inventory ($18,000) to the new sum obtained in the previous step ($17,900). The final sum is $18,000 + $17,900 = $35,900.
Therefore, the total of the current assets is $35,900.