Question
The following totals are taken from Dec. 31, 2015, balance sheet of Mentor Company: current assets 350000 long term assets 800000 current liabilities 240000 long
The following totals are taken from Dec. 31, 2015, balance sheet of Mentor Company:
current assets 350000
long term assets 800000
current liabilities 240000
long term liabilities 270000
Additional information:
a) cash of 38000 has been placed in a fund for the retirement of long term debt. The cash and long term debt have been offset and are not reflected in the financial statements
b) long term assets include 50000 in treasury stock
c) cash of 14000 has been set aside to pay taxes due. The cash and taxes payable have been offset and do not appear in the financial statements
d) advances on salespersons' commissions in the amount of 21000 have been made. Also, sales commissions payable total 24000. The net liability of 3000 is included in current liabilties
After making any necessary changes, what are the totals for Mentor's current assets and current liabilities?
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