BALANCE SHEET and Income Statement Items

Assume that $22,000 of the notes payable is short-term. ALL ITEMS RELATE TO 2020.

1. How much is total current assets

2. Determine the amount of total current liabilities

3. Determine the amount of total long-term Assets

4. Determine the book value of Equipment as of December 31, 2020

Building Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense DEBIT $128,000 14,520 4,680 18,000 62,000 67,000 780 7,360 2,600 CREDIT Common Stock $90,000 Retained Earnings 25,000 Accumulated Dep.Builds 42,000 Accounts payable 12,300 Notes Payable 97,780 Accumulated Depre.-Equip. 18,720 Interest Payable 2,600 Service Revenue 17,180