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Calculate the difference between current assets

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Gary's TV had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended.

Interest expense $ 36,000
Paid-in capital   84,000
Accumulated depreciation   34,000
Notes payable (long-term)   282,000
Rent expense   67,000
Merchandise inventory   838,000
Accounts receivable   184,000
Depreciation expense   12,000
Land   119,000
Retained earnings   403,520
Cash   140,000
Cost of goods sold   1,753,000
Equipment   69,000
Income tax expense   254,520
Accounts payable   94,000
Sales revenue   2,575,000

a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2016.

Reference no: EM131768132

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