Amount reported as Current Assets = 1,912,000
Current assets are items that a corporation utilizes, replaces, or turns into cash during a typical operating cycle. They are also known as short-term assets (typically less than 12 months). It sets them apart from long-term assets or those that a company utilizes for more than a year. Current assets are referred to as liquid assets since they may be converted into cash more readily than long-term assets.
The balance sheet shows both current and long-term assets, which combined comprise all of the company's assets.
Amounts reported as Current Assets are :
Cash = 1,500,000
Inventories = 280,000
Prepaid Supplies = 120,000
Salaries and Wages Payable = 12,000
Total Amount = 1,500,000 + 280,000 + 120,000 + 12,000 = 1,912,000
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