Cash on hand and in banks Accounts receivable - Merchandise inventory-- - 50,000 -- 350,000 -1,500,000 ---30,000 - Office supplies and materials. Prepaid rent - warehouse ad store outlet - 120,000 Office equipment --- ---180,000 -- 680,000 Delivery vehicle. Accounts payable- --320,000 Short-term notes payable - 80,000 Accrued expenses. Taxes payable -- Bank loan--- Common stock- 30,000 - 10,000 --500,000 --1,000,000 ---970,000 Retained earnings- Sales --- Cost of sales Selling expenses. Administrative expenses. -----5,000,000 - 3,000,000 --500,000 - 250,000 -- 20,000 Depreciation -- Using the above account balances, answer the questions below: How much is the total current assets?

Cash on hand and in banks Accounts receivable - Merchandise inventory-- - 50,000 -- 350,000 -1,500,000 ---30,000 - Office supplies and materials. Prepaid rent - warehouse ad store outlet - 120,000 Office equipment --- ---180,000 -- 680,000 Delivery vehicle. Accounts payable- --320,000 Short-term notes payable - 80,000 Accrued expenses. Taxes payable -- Bank loan--- Common stock- 30,000 - 10,000 --500,000 --1,000,000 ---970,000 Retained earnings- Sales --- Cost of sales Selling expenses. Administrative expenses. -----5,000,000 - 3,000,000 --500,000 - 250,000 -- 20,000 Depreciation -- Using the above account balances, answer the questions below: How much is the total current assets?

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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