Question

A company has the following balances at December 31, 2019: Accounts payable 60,000 Accounts receivable 52,500...

A company has the following balances at December 31, 2019:

Accounts payable 60,000
Accounts receivable 52,500
Cash 80,000
Common stock 200,000
Equipment 96,000
Equity investments 76,300
Inventory 57,000
Long-term liabilities 100,000
Patents 32,000
Retained earnings 17,000
Salaries payable 15,000
Unearned revenue 1,500

Additional information:

  • The cash balance includes $20,000 cash restricted for future plant expansion.
  • Allowance for doubtful accounts is $3,800.
  • Accumulated depreciation on equipment is $40,000.
  • The long-term liabilities balance includes $12,000 due in 2020.

Format guidance: Enter whole numbers only. No dollar signs, commas, or decimal points.

Examples: 1000 or 20000

What are total current assets at December 31, 2019?

What are total current liabilities at December 31, 2019?

Homework Answers

Answer #1
(A) Calculation of Current Assets at December 31, 2019
Accounts Receivable 52,500
Less: Accounts for doubtful account          3800 48700
Cash 80,000
Less: Cash restricted for future plant expansion 20000 60000
Inventory 57000
TOTAL CURRENT ASSETS 165700
(B) Calculation of Current Liabilities at December 31, 2019
Accounts Payable 60000
Salaries Payable 15000
Unearned Revenue 1500
Short Term Liabilities include in Long Term Liabilities 12000
Total Current Liabilities 88500
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