Select the correct answer.

these are the accounts in abc inc.’s trial balance:
inventory: $19,000
bonds payable: $14,500
patents: $220,000
land: $80,000
accounts payable: $26,500
cash: $7,000
equipment: $150,000
goodwill: $105,000
notes payable: $10,000
wages payable: $14,000
common stock: $85,000
accounts receivable: $13,500

what is the total of the firm’s current assets?

a: $32,500
b: $39,500
c: $225,000
d: $35,500

Current Assets of the firms are

Inventory: $19,000

Cash: $7,000

Accounts Receivable: $13,500

Total = $39500

Cash and other assets that are expected to be converted to cash within a year is known as current assets, rest are long term assets, equity and liabilities.

Longterm assets

Patents $220,000

Land: $80,000

Equipment: $150,000

Goodwill: $105,000

Liabilities

Bonds Payable: $14,500

Accounts Payable: $26,500

Notes Payable: $10,000

Wages Payable: $14,000

Equity

Common Stock: $85,000

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