Question

The following financial information is from Shovels Construction Company.Accounts payable $14,500Buildings 85,000Cash 11,600Accounts receivable 10,000Sales tax payable 2,900Retained earnings 46,400Supplies 41,800Notes payable (due in 18 months) 26,000Interest payable 1,000Common stock 57,600What is the amount of current assets, assuming the accounts above reflect normal activity?

Answer 1

$63,400

Explanation:.

Calculation for the amount of current assets,

CURRENT ASSETS

Cash 11,600

Accounts receivable 10,000

Supplies 41,800

Total current assets $63,400

Therefore the amount of current assets is $63,400