3. Your firm has the following balance sheet statement items: total current liabilities of $805,000; total assets of $2,655,000; fixed and other assets of $1,770,000; and long-term debt of $200,000. What is the amount of the firm’s total current assets?
a. $885,000
b. $1,550,000
c. $600,000
d. $325,000
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Verified answer
Assets = Fixed assets + Current Assets
2,655,000=1,770,000 + Current Assets
2655000 - 1770000 = current assets
current assets = 885,000
Answer a