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The balance sheet of Evanston Inc. includes the following items: Cash $ 21,500 Accounts receivable 12,400 Inventory 45,300 Prepaid insurance 1,800 Land 80,000 Accounts payable

The balance sheet of Evanston Inc. includes the following items:

Cash $ 21,500
Accounts receivable 12,400
Inventory 45,300
Prepaid insurance 1,800
Land 80,000
Accounts payable 49,000
Salaries payable 1,625
Capital stock 105,100
Retained earnings 5,700

(1) What are the current assets and current liabilities? (2) What does the composition of the current assets tell you about Evanstons liquidity?

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