Georgetown Wholesalers reported the following balances: Premises $450,000; Motor vehicles $85,000; Inventory $42,000; Trade receivables $28,500; Cash at bank $15,200; Trade payables $31,400; Bank loan (repayable in 5 years) $120,000. What is the total of current assets?

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Question

Georgetown Wholesalers reported the following balances: Premises $450,000; Motor vehicles $85,000; Inventory $42,000; Trade receivables $28,500; Cash at bank $15,200; Trade payables $31,400; Bank loan (repayable in 5 years) $120,000. What is the total of current assets?

Accepted Answer

$85,700 — $85,700. Award 1 mark for correct identification and addition of current assets. Current assets = Inventory ($42,000) + Trade receivables ($28,500) + Cash at bank ($15,200) = $85,700. B incorrectly includes motor vehicles. C includes only non-current assets. D includes all assets.

Answer

$85,700

Answer

$120,700

Answer

$620,700

Answer

$535,000

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