Need help The following financial information is from Shovels Construction Company.Accounts payable$24,500Buildings75,000Cash35,600Accounts receivable26,000Sales tax payable6,900Retained earnings51,400Supplies61,300Notes payable (due in 18 months) 26,000Interest payableCommon stock3,00062,600What is the amount of current assets, assuming the accounts above reflect normalactivity?

Concept of Current AssetsCurrent assets are short-term assets that are expected to be converted into…

Answered: The following financial information is…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 19BEA

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Cullumber company has these comparative balance sheet data:
Calculate the following for Co. XYZ: c. Average collection period (365 days) d. Times interest earned Assets: Cash and marketable securities $400,000Accounts receivable 1,415,000Inventories 1,847,500Prepaid expenses 24,000Total current assets $3,686,500Fixed assets 2,800,000Less: accumulated depreciation 1,087,500Net fixed assets $1,712,500Total assets $5,399,000Liabilities: Accounts payable $600,000Notes payable 875,000Accrued taxes Total current liabilities $1,567,000Long-term debt 900,000Owner's equity Total liabilities and owner's equity Co. XYZ Income Statement: Net sales (all credit) $6,375,000Less: Cost of goods sold 4,375,000Selling and administrative expense 1,000,500Depreciation expense 135,000Interest expense Earnings before taxes $765,000Income taxes Net income Common stock dividends $230,000Change in retained earnings
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The record of Marshall company include
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