Question
The following list of accounts is from the adjusted trial balance for Pronghorn Corporation: Accounts payable $120,600 Equipment $850,500 Accounts receivable 168,300 Income tax expense
The following list of accounts is from the adjusted trial balance for Pronghorn Corporation:
Accounts payable | $120,600 | Equipment | $850,500 | |||
---|---|---|---|---|---|---|
Accounts receivable | 168,300 | Income tax expense | 54,900 | |||
Accumulated depreciationbuildings | 88,200 | Insurance expense | 105,300 | |||
Accumulated depreciationequipment | 204,300 | Inventory | 208,800 | |||
Advertising expenses | 100,800 | Land | 990,000 | |||
Buildings | 385,200 | Loan payable (due in 2 years) | 1,755,000 | |||
Cash | 63,900 | Prepaid expenses | 26,100 | |||
Common shares | 207,000 | Property tax payable | 16,200 | |||
Cost of goods sold | 1,002,600 | Refund liability | 18,900 | |||
Deferred revenue | 28,800 | Salaries expense | 698,400 | |||
Depreciation expense | 169,200 | Salaries payable | 23,400 | |||
Sales | 2,361,600 |
Gross profit | $1359000 |
Net income | $230400 |
(c)
Determine the amount of Pronghorns current assets and current liabilities.
Total current assets | $ | |
---|---|---|
Total current liabilities | $ |
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