Use the Information That Follows Concerning Ulrich Computer for the Year

question 59

Essay

Use the information that follows concerning Ulrich Computer for the year ending December 31, 2018 for problems
Several accounts and amounts from the financial statements of Ulrich Computer appear below for the year ending December 31, 2018.
$\begin{array}{ll}\text { Cash } & \$ 11,000 \\\text { Sales Revenue } & 140,000 \\\text { Notes Receivable, 6-month } & 90,000 \\\text { Cost of goods sold } & 60,000 \\\text { Taxes Payable } & 31,000 \\\text { Salaries Expense } & 8,000 \\\text { Accounts Receivable } & 34,000\\\text { Dividends } & 42,000 \\\text { Equipment } & 150,000 \\\text { Accounts Payable } & 8,000 \\\text { Contributed Capital } & 30,000 \\\text { Retained Earnings } & 40,000 \\\text { Rent and Utilities Expense } & 4,000 \\\text { Income Tax Expense } & 20,000 \\\text { Inventory } & 21,000\end{array}$
-Calculate Ulrich's total current assets.

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Definitions:

Specialization

The process of concentrating on and becoming expert in a particular subject or skill.

International Trade

The exchange of goods and services between countries, allowing for increased efficiency and market expansion.

Labor

The work and time for which employees are paid.

Resources

The total means available for economic and political development, such as minerals, labor, and capital.