The Following Balance Sheet Information Is Provided for Apex Company

question 51

Multiple Choice

The following balance sheet information is provided for Apex Company for Year 2: $\begin{array}{lr}\text { Cash } & \$ 5,400 \\\text { Accounts receivable } & 15,500 \\\text { Inventory } & 18,000 \\\text { Prepaid expenses } & 1,600\\\text { Plant and equipment, net of depreciation } & 20,200 \\\text { Land } & \underline{19,950} \\\text { Total assets } & \underline{\$ 80,650} \\\text { Liabilities and Stockholders'Equity }\\\text { Accounts payable } & \$ 4,500 \\\text { Salaries payable } & 11,500\\\text { Bonds payable (due in ten year's) } & 19,000 \\\text { Common stock, no par } & 30,000 \\\text { Retained earnings } & \underline{ 15,650}\\\text { Total liabilities and stockholder's' equity } & \underline{ \$ 80,650}\end{array}$ What is the company's working capital?

• A) $20,300
• B) $4,900
• C) $22,900
• D) $24,500

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