Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 7.00

Gold Corp

The following is Gold Corp.’s June 30, 2006 trial balance:

align="left">

Cash overdraft

    

$

10,000

Accounts receivable, net

$

35,000

    

Inventory

  

58,000

    

Prepaid expenses

  

12,000

    

Land held for resale

  

100,000

    

Property, plant, and equipment, net

  

95,000

    

Accounts payable and accrued expenses

      

32,000

Common stock

      

25,000

Additional paid-in capital

      

150,000

Retained earnings

      

83,000
 

$

300,000

$

300,000

Additional information

  • Checks amounting to $30,000 were written to vendors and recorded on June 29, 2006, resulting in a cash overdraft of $10,000. The checks were mailed on July 9, 2006.
  • Land held for resale was sold for cash on July 15, 2006.
  • Gold issued its financial statements on July 31, 2006.

In its June 30, 2006 balance sheet, what amount should Gold report as current assets?

  1. $225,000
  2. $205,000
  3. $195,000
  4. $125,000

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 11:09 PM My Price 7.00

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