The Following Financial Information Is from Shovels Construction Company for 2012

question 90

Multiple Choice

The following financial information is from Shovels Construction Company for 2012:
$$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 15,000 \\\hline \text { Buildings } & 80,000 \\\hline \text { Cash } & 10,500 \\\hline \text { Accounts Receivable } & 9,500 \\\hline \text { Sales Tax Payable } & 4,500 \\\hline \text { Retained Earnings } & 47,500 \\\hline \text { Supplies } & 40,000 \\\hline \text { Notes Payable (due in 18 months) } & 35,000 \\\hline \text { Interest Payable } & 3,000 \\\hline \text { Common Stock } & 35,000 \\\hline\end{array}$$
What is the amount of current assets,assuming the accounts above reflect normal activity?

• A)$20,000.
• B)$60,000.
• C)$140,000.
• D)$175,000.

---

Definitions:

Middle Passage

The sea voyage that transported enslaved Africans across the Atlantic Ocean to the Americas as part of the transatlantic slave trade.

Ship Conditions

Refers to the state and quality of living or transportation conditions aboard sea vessels, often historically associated with the spread of disease and poor treatment of passengers.

Bonding Factor

An element or condition that causes individuals or groups to identify with one another, creating a sense of solidarity and cohesion.