Question
The following list of accounts is from the adjusted trial balance for Monty Corporation: Accounts payable $128,640 Equipment $907,200 Accounts receivable 179,520 Income tax expense
The following list of accounts is from the adjusted trial balance for Monty Corporation:
Accounts payable $128,640
Equipment $907,200
Accounts receivable 179,520
Income tax expense 58,560
Accumulated depreciationbuildings 94,080
Insurance expense 112,320
Accumulated depreciationequipment 217,920
Inventory 222,720
Advertising expenses 107,520
Land 1,056,000
Buildings 410,880
Loan payable (due in 2 years) 1,872,000
Cash 68,160
Prepaid expenses 27,840
Common shares 220,800
Property tax payable 17,280
Cost of goods sold 1,069,440
Refund liability 20,160
Deferred revenue 30,720
Salaries expense 744,960
Depreciation expense 180,480
Salaries payable 24,960
Sales 2,519,040
Determine the amount of Montys current assets and current liabilities.
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