The following financial information is from Shovels Construction Company for 2012: Accounts Payable $15,000 Retained earnings $47, 500 Buildings 80,000 Supplies 40,000 Cash 10,500 Note payable (due in 18 months) 35,000 Accounts Receivable 9,500 Interest payable 3,000 Sales tax payable 4, 500 Common stock 35,000 What is the amount of current assets, assuming the accounts above reflect normal activity?

The following financial information is from Shovels Construction Company for 2012: Accounts Payable $15,000 Retained earnings $47, 500 Buildings 80,000 Supplies 40,000 Cash 10,500 Note payable (due in 18 months) 35,000 Accounts Receivable 9,500 Interest payable 3,000 Sales tax payable 4, 500 Common stock 35,000 What is the amount of current assets, assuming the accounts above reflect normal activity?

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 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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