4. The following information is available from the Iris Corporation trial balance as...
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4. The following information is available from the Iris Corporation trial balance as of June 30, 20x3. Account Name Debit Credit S 10,000 Cash Accounts Receivable (Net) Inventory Prepaid Expenses (within one year) Land Held For Resale Property, Plant, and Equipment (Net) Accounts Payable and Accrued Expenses Common Stock Additional Paid In Capital Retained Earnings S 35,000 58,000 12,000 100,000 95,000 32,000 25,000 150,000 83,000 S 300,000 S 300,000 Totals The following additional information is available (1) Checks amounting to $30,000 were written to vendors and recorded on June 29, 20X3, resulting in the credit balance in the cash account. The checks were mailed on July 9, 20X3 (2) |Land held for resale was sold for cash on July 15, 20X3. (3) Iris issued its financial statements on July 31, 20X3 In its June 30, 20X3 balance sheet, what amount should Iris report as current assets? (a) $205,000. (b) $225,000. (c) $125,000. (d) $195,000
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