The Following Financial Information Is from Shovels Construction Company for 2012

question 69

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.

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