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Determine the amount of gross working capital

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Reference no: EM132672070

Joe Fellows is attempting to categorize several items from his company's financial; statements so he can determine his working capital. Joe notices the following categories of accounts and amounts:

cash, $3,500;

accounts payable, $10,200;

accounts receivable, $15,000;

sales taxed due the city of Phoenix , $750;

sales taxes due the Arizona Department of Revenue, $3,450;

inventory, $17,500;

wages payable, $5,350;

taxes payable (federal), $2,570;

money market fund, $12,300; and

computer, $3,400.

Problem a. List accounts classified as current assets and as current liabilities.

Problem b. Determine the amount of gross working capital

Problem c. Determine the amount of net working capital.

Problem d. What is Joe's current ratio?

Reference no: EM132672070

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