Question

Total assets are $1,450, fixed assets are $790, long-term debt is $750, and short-term debt is $300. What is the amount of current assets?

A. $660 B. $360 C. $300 D. $40 E. $790

Answer 1

Answer:

A. $660  

Explanation:

Total assets include current assets, fixed assets, and intangible assets Current assets include cash, stock, receivable account, etc. Fixed assets include plant & machinery, land, equipment, furniture & equipment, etc.

And the intangible assets are trademarks, copyrights, goodwill, and so$66 on.

The computation is shown below:

= Total assets - fixed assets

= $1,450 - $790

= $660