Hanson Construction has an operating cycle of 9 months. On December 31, 2019, Hanson has the following assets and liabilities:

a. A note receivable in the amount of $1,500 to be collected in 6 months

b. Cash totaling $1,380

c. Accounts payable totaling $2,100, all of which will be paid within 2 months

d. Accounts receivable totaling $12,000, including an account for $7,000 that will be paid in

2 months and an account for $5,000 that will be paid in 18 months

e. Construction supplies costing $6,200, all of which will be used in construction within the next 12 months

f. Construction equipment costing $60,000, on which depreciation of $22,400 has accumulated

g. A note payable to the bank in the amount of $6,800 is to be paid within the next year

Required:

1. Calculate the amounts of current assets and current liabilities reported on Hanson's balance sheet at December 31, 2019.

2. Comment on Hanson's liquidity.