Josey Doakes was reading the balance sheet of Gogoldze Inc. when she spilled grape juice on it. After the juice spill, the balance sheet looked like this:($ millions)12/31/2015Cash90Accounts Receivable210Inventory410Other Current AssetsgrapeCurrent AssetsjuiceNet Property, Plant, & Equipment1,080Total Assetsgrape juiceAccounts Payable115Other Current Liabilities260Current Liabilities375Long-term Liabilities860Common Stock50Additional Paid-in-Capital300Retained Earnings285Total Liabilities and SE1,870What was Gogoldze Inc.'s Other Current Assets at 12/31/2015?a) $710b) $370c) $790d) $120e) $80

The right answer is option e $80

Answered: /2015 Cash 90 Accounts Receivable 210…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Josey Doakes was reading the balance sheet of Gogoldze Inc. when she spilled grape juice on it. After the juice spill, the balance sheet looked like this:

($ millions)	12/31/2015
Cash	90
Accounts Receivable	210
Inventory	410
Other Current Assets	grape
Current Assets	juice
Net Property, Plant, & Equipment	1,080
Total Assets	grape
	juice
Accounts Payable	115
Other Current Liabilities	260
Current Liabilities	375
Long-term Liabilities	860
Common Stock	50
Additional Paid-in-Capital	300
Retained Earnings	285
Total Liabilities and SE	1,870

What was Gogoldze Inc.'s Other Current Assets at 12/31/2015?

a) $710

b) $370

c) $790

d) $120

e) $80

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