Please do not give solution in image format thanku ↑Hendrickson Corporation's trial balance for July 31, the end of its fiscal year, included the following accounts:Accounts Receivable$21,000Inventories60,00017,000CopyrightInvestments44,000Prepaid InsuranceNote receivable, due in two yearsCash in BankInvestments are treasury bills that were purchased in May and mature on August 15. Prepaid insurance is a three-year policy that was purchased on July 31.The amount that should be classified as current assets in the July 31 balance sheet isOA $144,500OB. $213,50012,00077,0007,500OC. $136,500OD. $86,000

Current assets is one of the asset classification which is presented in balance sheet. Current…

K Hendrickson Corporation's trial balance for July 31, the end of its fiscal year, included the following accounts: Accounts Receivable $21,000 Inventories 60,000 17,000 44,000 Copyright Investments Prepaid Insurance Note receivable, due in two years Cash in Bank 12,000 77,000 7,500 Investments are treasury bills that were purchased in May and mature on August 15. Prepaid insurance is a three-year policy that was purchased on July 31. The amount that should be classified as current assets in the July 31 balance sheet is, OA $144,500 OB. $213,500 OC. $136,500 OD. $86,000

K Hendrickson Corporation's trial balance for July 31, the end of its fiscal year, included the following accounts: Accounts Receivable $21,000 Inventories 60,000 17,000 44,000 Copyright Investments Prepaid Insurance Note receivable, due in two years Cash in Bank 12,000 77,000 7,500 Investments are treasury bills that were purchased in May and mature on August 15. Prepaid insurance is a three-year policy that was purchased on July 31. The amount that should be classified as current assets in the July 31 balance sheet is, OA $144,500 OB. $213,500 OC. $136,500 OD. $86,000

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

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