Hippo Co. has the following balances: 

Inventories, $50,000; 

Land, $100,000; 

Building, net of depreciation, $500,000; 

Cash, $50,000; 

Bank overdraft in a different bank account at a different bank, $(20,000); 

Prepaid expenses, $30,000; 

Accounts receivable, net of allowance, $60,000; 

Current maturities of long-term debt; $40,000; 

Long-term debt $260,000; 

Supplies on hand, $10,000. 

What total amount should the company report as current assets?

Answer rating: 100% (QA)

To determine the total amount of current assets that the co... View the full answer