The trial balance for K and J Nursery, Incorporated, listed the following account balances at December 31, 2024, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000; equipment (net), $80,000; accounts payable, $14,000; salaries payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000. Calculate total current assets and total current liabilities that would appear in the company's year-end balance sheet. Current assets Current liabilities
The trial balance for K and J Nursery, Incorporated, listed the following account balances at December 31, 2024, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000; equipment (net), $80,000; accounts payable, $14,000; salaries payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000. Calculate total current assets and total current liabilities that would appear in the company's year-end balance sheet. Current assets Current liabilities
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The trial balance for K and J Nursery, Incorporated, listed the following account balances at December 31, 2024, the end of its fiscal
year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000; equipment (net), $80,000; accounts payable, $14,000; salaries
payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000.
Calculate total current assets and total current liabilities that would appear in the company's year-end balance sheet.
Current assets
Current liabilities
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