[The following information applies to the questions displayed below.] A company

Question

[The following information applies to the questions displayed below.]

A company reported the following information at December 31, Year 1:

What is the amount of current assets on the classified balance sheet?

$24,390

$65,930

$38,570

$116,330

What is the amount of current liabilities on the classified balance sheet?

$8,660

$11,250

$7,180

$4,590

     Accounts payable $ 4,590   Accounts receivable $ 9,440   Cash $ 24,390   Common Stock $ 90,900   Equipment $ 50,400   Inventory $ 32,100   Notes Payable due December 31, Year 3 $ 2,590   Retained Earnings, December 31, Year 1 $ 14,180   Wages payable $ 4,070

Explanation / Answer

1 Cash 24390 Accounts receivable 9440 Inventory 32100 Current assets 65930 2 Accounts payable 4590 Wages payable 4070 Current liabilities 8660

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