Problem 16-6 Boyle Corporation had the following comparative current assets and current liabilities: Current assets Cash Short-term investments Accounts receivable Inventory Prepaid expenses $20,000 40,000 55,000 110,000 35,000 $260,000 $30,000 10,000 95,000 90,000 20,000 $245,000 Total current assets Current liabilities Accounts payable Salaries payable Income tax payable $140,000 $110,000 30,000 15,000 $200,000$155,000 re 600,000 and $350,000, respectively. 40,000 20,000 Total current liabilities During Year 2, credit sales and cost of goods sold we