Use the following financial information: Accounts Receivable Sales Tax Payable Retained Earnings Supplies Notes Payable (due in 18 months) Interest Payable $15,000 $4,500 $50,000 $4,000 $54,000 $5,000 Common Stock $75,000 Retained Earings Supplies Notes Payable (due in 18 months) Interest Payable Common Stock Accounts Payable Buildings $50,000 ＄4,000 $54,000 $5,000 ＄75.000 $12.000 $220,000 Cash $13,000 What is the amount of current assets, assuming the accounts above reflect normal activity? A $17,000. B $28,000 C $32,000. D $252,000.
Use the following financial information: Accounts Receivable Sales Tax Payable Retained Earnings Supplies Notes Payable (due in 18 months) Interest Payable $15,000 $4,500 $50,000 $4,000 $54,000 $5,000 Common Stock $75,000 Retained Earings Supplies Notes Payable (due in 18 months) Interest Payable Common Stock Accounts Payable Buildings $50,000 ＄4,000 $54,000 $5,000 ＄75.000 $12.000 $220,000 Cash $13,000 What is the amount of current assets, assuming the accounts above reflect normal activity? A $17,000. B $28,000 C $32,000. D $252,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Use the following financial information:
Accounts Receivable
Sales Tax Payable
Retained Earnings
Supplies
Notes Payable (due in 18 months)
Interest Payable
$15,000
$4,500
$50,000
$4,000
$54,000
$5,000
Common Stock
$75,000
Retained Earings
Supplies
Notes Payable (due in 18 months)
Interest Payable
Common Stock
Accounts Payable
Buildings
$50,000
＄4,000
$54,000
$5,000
＄75.000
$12.000
$220,000
Cash
$13,000
What is the amount of current assets, assuming the accounts above reflect normal activity?
A $17,000.
B $28,000
C $32,000.
D $252,000.
Transcribed Image Text:Retained Eamings
$50,000
Supplies
$4,000
Notes Payable (due in 18 months)
$54,000
Interest Payable
$5,000
Common Stock
$75,000
Accounts Payable
$12,000
Buildings
$220,000
Cash
$13,000
What is the amount of current assets, assuming the accounts above reflect
M:
Transcribed Image Text:Use the following financial information:
Accounts Receivable
$15,000
Sales Tax Payable
$4,500
Retained Earnings
$50,000
Supplies
$4,000
Notes Payable (due in 18 months)
$54,000
Interest Payable
$5,000
$75,000
Common Stock
Expert Solution
Explanation -
Current Assets -
Current Assets is the assets that can be converted into cash with in a one year.
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