Please Show All Work Involved! Thank You! The trial balance for K and J Nursery,
ID: 2407851 • Letter: P
Question
Please Show All Work Involved! Thank You!
The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2018, the end of its fiscal year cash, $18,000, accounts recelvable, $13,000; Inventorles, $27,000; equipment (net), $82,000; accounts payable, $16,000; wages payable, $6,000; Interest payable, $2,000, note payable (due In 18 months), $32,000, common stock, $54,000. Calculate total current assets and total current liabilities that would appear in the company's year-end balance sheet Current assets Current liabilitiesExplanation / Answer
CURRENT ASSETS CASH 18000 ACCOUNTS RECEIVABLE 13000 INVENTORIES 27000 TOTAL 58000 CURRENT LIABILITIES ACCOUNTS PAYABLE 16000 WAGES PAYABLE 6000 INTEREST PAYABLE 2000 TOTAL 24000 EQUIPMENT, NOTE PAYABLE(LONG TERM) , COMMON STOCK ARE NEITHER CURRENT ASSET NOT CURRENT LIABILITIES