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The balances of select accounts of​ Sandra, Inc. as of December​ 31, 2018 are given​ below: Debit Credit Building $ 110 comma 000 Cash 6 comma 000 Office Supplies 800 Furniture 3 comma 000 Prepaid Insurance 550 Accumulated Depreciationlong dashFurniture $ 2 comma 000 Land 32 comma 000 Accumulated Depreciationlong dashBuilding 4 comma 300 Accounts Receivable 2 comma 500 The insurance has been prepaid until June​ 30, 2019. Determine the amount of total current assets reported on the balance sheet at December​ 31, 2018.

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eugeniawatanabe

Answer:

Total current assets = 9,850

Explanation:

From the balances accounts are selected:

  • Cash 6,000
  • Accounts Receivable 2,500
  • Prepaid Insurance 550
  • Office Supplies 800  

Total current assets = 9,850

This are the most liquid assets in the list that correspond to current assets.

The rest of the list corresponds to long - term assets.

  • Land 32,000
  • Building 110,000
  • Accumulated Depreciationlong Building - 4,300
  • Furniture 3,000
  • Accumulated Depreciationlong Furniture - 2,000

Total long - term assets = 138,700

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