rent Assets all Hanson Construction has an operating cycle of 9 months. On December 31, 2019, Hanson has the following assets and liabilities: a. A note receivable in the amount of $1,200 to be collected in 6 months b. Cash totaling $460 c. Accounts payable totaling $1,700, all of which will be paid within 2 months d. Accounts receivable totaling $12,000, including an account for $8,000 that will be paid in 2 months and an account for $4,000 that will be pa in 18 months e. Construction supplies costing $8,800, all of which will be used in construction within the next 12 months f. Construction equipment costing $60,000, on which depreciation of $22,400 has accumulated g. A note payable to the bank in the amount of $7,600 is to be paid within the next year Required: 1. Calculate the amounts of current assets and current liabilities reported on Hanson's balance sheet at December 31, 2019.
rent Assets all Hanson Construction has an operating cycle of 9 months. On December 31, 2019, Hanson has the following assets and liabilities: a. A note receivable in the amount of $1,200 to be collected in 6 months b. Cash totaling $460 c. Accounts payable totaling $1,700, all of which will be paid within 2 months d. Accounts receivable totaling $12,000, including an account for $8,000 that will be paid in 2 months and an account for $4,000 that will be pa in 18 months e. Construction supplies costing $8,800, all of which will be used in construction within the next 12 months f. Construction equipment costing $60,000, on which depreciation of $22,400 has accumulated g. A note payable to the bank in the amount of $7,600 is to be paid within the next year Required: 1. Calculate the amounts of current assets and current liabilities reported on Hanson's balance sheet at December 31, 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:rent Assets all
Hanson Construction has an operating cycle of 9 months. On December 31, 2019, Hanson has the following assets and liabilities:
a. A note receivable in the amount of $1,200 to be collected in 6 months
b. Cash totaling $460
c. Accounts payable totaling $1,700, all of which will be paid within 2 months
d. Accounts receivable totaling $12,000, including an account for $8,000 that will be paid in 2 months and an account for $4,000 that will be pa
in 18 months
e. Construction supplies costing $8,800, all of which will be used in construction within the next 12 months
f. Construction equipment costing $60,000, on which depreciation of $22,400 has accumulated
g. A note payable to the bank in the amount of $7,600 is to be paid within the next year
Required:
1. Calculate the amounts of current assets and current liabilities reported on Hanson's balance sheet at December 31, 2019.
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