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Janson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts receivable $12,400 Inventory 41,000 Patent 12,300 Investments 31,200 Prepaid insurance 7,100 Notes receivable, due 2024 50,500 Investments consist of treasury bills that were purchased in November 2021 and mature in January 2022. Prepaid insurance is for two years. What amount should be included in the current assets section of Janson's December 31, 2021, balance sheet?

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Respuesta :

Answer:

Current assets $88,150

Explanation:

The computation of the amount that should be included in the current assets section is shown below;

Accounts receivable $12,400  

Inventory $41,000

Treasury bills  $31,200

Prepaid insurance (50% of $7,100)  $3,550

Current assets $88,150