FAR Deck 5

Question 1

How do you calculate total current assets?

Answer 1

THESE ARE ALL ASSETS WITHIN 1 YR
On I/S:
Revenues: \$\$$
(-) Expenses: \$\$$
= Pretax Income
(-) Tax rate \$\$$
= Net Income

On BS: Current Assets Are
Cash and cash equivalents 
Trading Securities at FV
AR net of allowances
Notes Receivable
Inventory
Prepaid Expenses