45 The following financial information is from Shovels Construction Company:Accounts Payable$15,000Buildings$80,000Cash$10,500Accounts Receivable$9,500Sales Tax Payable$4,500$48,000Retained Earnings$4,000Supplies Retained Eamings$48.000SuppliesS4.000Notes Payable (due In 18 months)$35,000Interest Payable$3,000Common Stock$50,000What is the amount of current assets, assuming the accounts above reflect normal activity?O $104,00O.O $154,00O.O $20,000.O $24,000.

Introduction: Current Assets: The Assets which can be easily converted in to cash with in a 1 year…

Answered: The following financial information is…

The following financial information is from Shovels Construction Company: Accounts Payable $15,000 Buildings $80,000 Cash $10,500 $9,500 Accounts Receivable $4,500 Sales Tax Payable

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter12: Corporations: Organization, Capital Structure, And Operating Rules

Section: Chapter Questions

Problem 4BCRQ

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