Blythe Industries reports the following account balances: inventory of $417,600, equipment of $2,028,300, accounts payable of $224,700, cash of $51,900, and accounts receivable of $313,900. What is the amount of the current assets

The current assets amounts to $783,400

Explanation:

Current asset is the asset which are expected to be consumed, exhausted or sold by the normal business operations within the present accounting period.

The current assets of the industry is computed as:

Current assets = Inventory + Accounts receivable + Cash

where

Inventory is $417,600

Accounts receivable is $313,900

Cash is $51,900

So, putting the values above:

Current assets = $417,600 + $313,900 + $51,900

Current assets = $783,400

NOTE: Equipment is the assets but it is a long term assets and accounts payable is the liability for the business. So, these both will not included while computing the current assets.

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