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The following financial information is from Shovels Construction Company.


Accounts payable $14,500
Buildings 83,000
Cash 11,200
Accounts receivable 10,500
Sales tax payable 3,400
Retained earnings 47,100
Supplies 40,200
Notes payable due in 18 months 27,000
Interest payable 2,800
Common stock 50,100

What is the amount of current assets, assuming the accounts above reflect normal activity?

Respuesta :

Answer:

$61,900

Explanation:

Given:

Accounts payable = $14,500

Buildings = $83,000

Cash = $11,200

Accounts receivable = $10,500

Sales tax payable = $3,400

Retained earnings = $47,100

Supplies = $40,200

Notes payable due in 18 months = $27,000

Interest payable = $2,800

Common stock = $50,100

Now,

the entries included in assets are cash, Accounts receivable, Supplies

therefore,

the current assets of the company are

= cash + Accounts receivable + Supplies

= $11,200  + $10,500 + $40,200

= $61,900

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