The following is selected financial information for Wright Company: ...
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Accounting
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The following is selected financial information for Wright Company: |
| Cash | $ | 40,000 |
| Prepaid insurance | 15,000 | |
| Retained earnings | 125,000 | |
| Inventory | 75,000 | |
| Unearned revenue | 20,000 | |
| Salary expense | 75,000 | |
| Depreciation expense | 25,000 | |
| Property, plant, and equipment | 450,000 | |
| Accumulated depreciation | 90,000 | |
| Accounts payable | 100,000 | |
| Long-term notes payable (due in 5 years) | 275,000 | |
| Sales revenue | 418,000 | |
| Salaries payable | 5,000 | |
| Common stock | 50,000 | |
| Accounts receivable | 85,000 | |
| Cost of goods sold | 220,000 |
| What is the amount of Wright Company's total current assets? a. $140,000 b. $215,000 c. $200,000 d. $575,000 |
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