For questions #6-18, refer to the following financial information for Gannon ALL

Question

For questions #6-18, refer to the following financial information for Gannon ALL CALCULATIONS MUST BE SHOWN TO EARN POSITIVE RATING. PLEASE SHOW ALL WORKING CLEARLY. THANK YOU! 2016 BALANCE SHEETS: Cash Accounts Receivable Inventory Fixed Assets, net Total Assets 120,000 520,000 305,000 410.000 1,355,000 160,000 620,000 290,000 510,000 1,580,000 Liabilities and Equity: Accounts Payable Long-term Debt Common Stock Retained Earnings Total Liabilities and Equity 350,000 500,000 50,000 455,000 1,355,000 $375,000 625,000 75,000 505,000 1,580,000 INCOME STATEMENT: Revenue Cost of Goods Sold General and Administrative Depreciation Expense Earnings Before Interest and Taxes Interest Expense Pretax Net Income Income Taxes Net Income 3,500,000 2,275,000 515,000 120,000 590,000 40,000 550,000 167,000 383,000 6. What was Gannon's total current assets at the end of 2017?

Explanation / Answer

Current assets is a balance sheet item that represents the value of all assets that can reasonably expected to be converted into cash within one year. Gannon's total current assets at the end of 2017 Cash $160,000.00 Accounts Receivables $620,000.00 Inventory $290,000.00 Total Current assets $1,070,000.00

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