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The following financial information is from Shovels Construction Company. Accounts payable Buildings Cash Accounts receivable Sales tax payable Retained earnings Supplies $14,500 85,000 11,600 10,000 2,900 46,400 41,800 Notes payable (due in 18 months) 26,000 Interest payable Common stock 1,000 57,600 What is the amount of current assets, assuming the accounts above reflect normal activity?

The following financial information is from Shovels Construction Company. Accounts payable Buildings Cash Accounts receivable Sales tax payable Retained earnings Supplies $14,500 85,000 11,600 10,000 2,900 46,400 41,800 Notes payable (due in 18 months) 26,000 Interest payable Common stock 1,000 57,600 What is the amount of current assets, assuming the accounts above reflect normal activity?

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 Buildings Cash Accounts receivable Sales tax payable Retained earnings Supplies $14,500 85,000 11,600 10,000 2,900 46,400 41,800 Notes payable (due in 18 months) 26,000 Interest payable Common stock 1,000 57,600 What is the amount of current assets, assuming the accounts above reflect normal activity?
Transcribed Image Text:The following financial information is from Shovels Construction Company. Accounts payable Buildings Cash Accounts receivable Sales tax payable Retained earnings Supplies $14,500 85,000 11,600 10,000 2,900 46,400 41,800 Notes payable (due in 18 months) 26,000 Interest payable Common stock 1,000 57,600 What is the amount of current assets, assuming the accounts above reflect normal activity?
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