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[The following information applies to the questions displayed below.] Gerrard Construction Co. is an excavation contractor. The following summarized data (in thousands) are taken from
[The following information applies to the questions displayed below.]
Gerrard Construction Co. is an excavation contractor. The following summarized data (in thousands) are taken from the December 31, 2016, financial statements:
For the Year Ended December 31, 2016: | ||
Net revenues | $ | 64,400 |
Cost of services provided | 22,800 | |
Depreciation expense | 13,000 | |
Operating income | $ | 28,600 |
Interest expense | 7,600 | |
Income tax expense | 6,400 | |
Net income | $ | 14,600 |
At December 31, 2016: | ||
Assets | ||
Cash and short-term investments | $ | 5,600 |
Accounts receivable, net | 19,600 | |
Property, plant, and equipment, net | 154,800 | |
Total assets | $ | 180,000 |
Liabilities and Stockholders Equity | ||
Accounts payable | $ | 3,000 |
Income taxes payable | 3,200 | |
Notes payable (long term) | 95,000 | |
Paid-in capital | 20,000 | |
Retained earnings | 58,800 | |
Total liabilities and stockholders equity | $ | 180,000 |
At December 31, 2015, total assets were $164,000 and total stockholders equity was $65,200. There were no changes in notes payable or paid-in capital during 2016.
e. Calculate the amount of total current assets. (Enter your answer in whole dollars (Example - enter 20,000,000 and not 20,000))
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