Reference no: EM131794282

Problem

On December 31, Gray Company has the following list of account balances.

Accounts Payable $52,200 Service Revenue $53,400 Accounts Receivable 43,400 Legal Expense 6,500 Accumulated Depreciation, Equipment 17,300 Note Payable, due in two years. 17,000 Accumulated Depreciation, Buildings 51,400 Prepaid Rent 22,800 Advertising Expense 3,200 Rent Expense 6,300 Beginning Capital 91,000 Salaries Expense 6,200 Buildings 98,000 Salaries Payable 8,800 Cash 27,200 Supplies 14,400 Drawing 20,100 Supplies Expense 8,500 Equipment 34,500

Required:

Compute the dollar amount of the total current assets as it would appear on the December 31 balance sheet.