Solved:
Answered by AI, Verified by Human Experts
The following financial information is from Shovels Construction Company Accounts payable Buildings $15,000 80,000 10,500 Cash Accounts receivable 9,900 Sales tax payable Retained earnings 3,000 47100 41,500 31,000 2,700 43,100 Supplies Notes payable (due in 18 months) Interest payable Common stock What is the amount of current assets, assuming the accounts above reflect normal activity? O $61,900 O$20,400 O$105,000 O $141,900
The following financial information is from Shovels Construction Company Accounts payable Buildings $15,000 80,000 10,500 Cash Accounts receivable 9,900 Sales tax payable Retained earnings 3,000 47100 41,500 31,000 2,700 43,100 Supplies Notes payable (due in 18 months) Interest payable Common stock What is the amount of current assets, assuming the accounts above reflect normal activity? O $61,900 O$20,400 O$105,000 O $141,900
According to the question the followingfinancialinformation is from Shovels Construction Company Accounts payable Buildings, the amount ofcurrent assetsis $46,600.The amount of current assets, assuming the accounts abovereflectnormal activity, is $61,900.Current assets are assets that are expected to beconvertedinto cash or used up within one year or theoperatingcycle of a business. From the given financialinformation, the current assets can be calculated by adding the relevant accounts:Cash: $31,000Accounts receivable: $9,900Sales tax payable: $2,700Supplies: $3,000Adding these amounts together:$31,000 + $9,900 + $2,700 + $3,000= $46,600To learn more aboutcurrent assetsbrainly.com/question/13188114#SPJ11...