Question
Harlow Company reported the following account balances at December 31, 2019: Cash $25,000 Retained Earnings $53,000 (at January 1, 2019) Advertising Expense $22,000 Cost of
Harlow Company reported the following account balances at December 31, 2019:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2019)
Advertising Expense $22,000
Cost of Goods Sold $29,000
Rental Revenue $13,000
Copyright $28,000
Supplies $12,000
Accounts Payable $50,000
Common Stock $91,000
Accounts Receivable $15,000
Notes Payable $68,000
Income Tax Expense $12,000
Inventory $59,000
Dividends $11,000
Salaries Expense $14,000
Sales Revenue $97,000
Building $43,000
Trademark $81,000
Mortgage Payable $35,000
Equipment $56,000
The following additional information is available:
1. The note payable was a 3-year loan taken out on March 1, 2017.
2. The mortgage payable was a 15-year loan taken out on May 1, 2010. Calculate Harlow Company's total current assets at December 31, 2019.
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