Answered You can hire a professional tutor to get the answer.
(TCO 4) Listed below are account balances (in $thousands) taken from the records of Sunny Company. The company uses a perpetual inventory system.
(TCO 4) Listed below are account balances (in $thousands) taken from the records of Sunny Company. The company uses a perpetual inventory system.
Debit
Credit
Accounts receivable-trade
700
Building and equipment
940
Cash-checking
70
Short-term notes receivables
52
Interest receivable
30
Inventory
38
Land
375
Long-term note receivable
400
Petty cash funds
3
Prepaid insurance (for coming year)
24
Supplies
7
Accounts payable-trade
564
Accumulated depreciation
84
Additional paid-in capital, common
525
Allowance for uncollectable accounts
21
Cash dividends payable
34
Common stock, at par
18
Income tax payable
68
Notes payable (long-term)
800
Retained earnings
?
Unearned revenues
44
Required:
- What should Sunny Company report as total current assets?
- What should Sunny Company report as total assets?
