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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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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