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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

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

FINANCIAL ACCOUNTING
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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The following financial information is from Shovels Construction Company: Accounts Payable $15,000 Buildings $80,000 Cash $10,500 Accounts Receivable $9,500 Sales Tax Payable $4,500 $48,000 Retained Earnings $4,000 Supplies
Transcribed Image Text:The following financial information is from Shovels Construction Company: Accounts Payable $15,000 Buildings $80,000 Cash $10,500 Accounts Receivable $9,500 Sales Tax Payable $4,500 $48,000 Retained Earnings $4,000 Supplies
Retained Eamings $48.000 Supplies S4.000 Notes Payable (due In 18 months) $35,000 Interest Payable $3,000 Common Stock $50,000 What 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.
Transcribed Image Text:Retained Eamings $48.000 Supplies S4.000 Notes Payable (due In 18 months) $35,000 Interest Payable $3,000 Common Stock $50,000 What 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.
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