For the budget period ending december 31, 2015, aaron corporation estimates its ending balances for cash as $4,000, accounts receivable as $16,000, finished goods inventory as $12,000, and raw materials inventory as $8,000. raw materials worth $14,000 will be unpaid. determine the amount of total current assets that will be reported on the budgeted balance sheet.
a. $40,000
b. $20,000
c. $32,000
d. $26,000

$40,000

Explanation:

Current assets  are liquid assets which can easily be converted into cash within a year and examples are cash, cash equivalents, debtors or account receivables, and inventory ( raw materials, work in progress and finished goods). In this question, we exclude the unpaid raw materials  of $14,000 as they are not a current asset but are a current liability.

Therefore: Current assets are Cash balance plus accounts receivable plus finished goods inventory plus raw materials inventory = $4,000 + $16,000 + $12,000 + $8,000 = $40,000

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