15) The following financial information is from ABC:Accounts Payable $15,000Buildings 80,000Cash 10,500Accounts Receivable 9,500Sales Tax Payable 4,500Retained Earnings 47,500Supplies 40,000Notes Payable (due in 18 months) 35,000Interest Payable 3,000Common Stock 35,000 What is the amount of current assets, assuming the accounts above reflect normal activity?A) $140,000. B) $20,000. C) $60,000. D) $175,000.
15) The following financial information is from ABC:Accounts Payable $15,000Buildings 80,000Cash 10,500Accounts Receivable 9,500Sales Tax Payable 4,500Retained Earnings 47,500Supplies 40,000Notes Payable (due in 18 months) 35,000Interest Payable 3,000Common Stock 35,000 What is the amount of current assets, assuming the accounts above reflect normal activity?A) $140,000. B) $20,000. C) $60,000. D) $175,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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15) The following financial information is from ABC:
Accounts Payable $15,000
Buildings 80,000
Cash 10,500
Accounts Receivable 9,500
Sales Tax Payable 4,500
Retained Earnings 47,500
Supplies 40,000
Notes Payable (due in 18 months) 35,000
Interest Payable 3,000
Common Stock 35,000
What is the amount of current assets, assuming the accounts above reflect normal activity?
A) $140,000. B) $20,000. C) $60,000. D) $175,000.
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