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The following financial information is from Shovels Construction Company: Accounts payable $ 14,700 Buildings 89,000 Cash 12,100 Accounts receivable 10,700 Sales tax payable 4,500 Retained earnings 46,300 Supplies 41,300 Notes payable (due in 18 months) 26,000 Interest payable 2,300 Common stock 59,300 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 $ 14,700
Buildings 89,000
Cash 12,100
Accounts receivable 10,700
Sales tax payable 4,500
Retained earnings 46,300
Supplies 41,300
Notes payable (due in 18 months) 26,000
Interest payable 2,300
Common stock 59,300
What is the amount of current assets, assuming the accounts above reflect normal activity?
Expert Solution
Computation of the amount of current assets:-
Current assets = Cash + Accounts receivable + Supplies
= $12,100 + $10,700 + $41,300
= $64,100
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