The Following Financial Information Is from Shovels Construction Company: What

question 60

Multiple Choice

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

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

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