Multiple choice1 / 25
A trial balance includes the following: Cash $55,000; Trade receivables $140,000; Allowance for credit losses $12,000; Inventory $95,000; Prepaid insurance $7,000; Equipment $350,000; Accumulated depreciation $130,000; Accounts payable $65,000; Current portion of long-term note $25,000; Long-term note payable $180,000; Common stock $110,000. What amount of total current assets should be reported on a classified balance sheet?