- 1 Marks
Question
Determine the amount of the current assets.
The extract from the financial statements of Benchmark Ventures for the year ended September 30, 2019, is as follows:
- Capital: N84,000
- Net profit: N15,000
- Drawings: N9,000
- Cash and cash equivalent: N3,000
- Accounts payables: N50,000
- Inventory: N29,000
- Accounts receivables: N35,000
Answer
Answer: D. N67,000
Explanation: The current assets are calculated by adding the relevant components:
- Inventory: N29,000
- Accounts receivables: N35,000
- Cash and cash equivalent: N3,000
Total current assets = N29,000 + N35,000 + N3,000 = N67,000.
- Tags: Current Assets, Financial Position, Statement of Financial Position
- Level: Level 1
- Topic: Financial Statements Preparation
- Series: NOV 2019
- Uploader: Dotse