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Garrett Company had current assets and current liabilities as follows: Current assets: Cash $ 50,000 Accounts receivable 75,000 Inventory 125,000 Current liabilities: Accrued expenses $
| Garrett Company had current assets and current liabilities as follows: |
| Current assets: | ||
| Cash | $ | 50,000 |
| Accounts receivable | 75,000 | |
| Inventory | 125,000 | |
| Current liabilities: | ||
| Accrued expenses | $ | 25,000 |
| Accounts payable | 110,000 | |
| Current portion of long-term debt | 45,000 | |
| | ||
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