Determine total current assets

Assignment Help Accounting Basics

Reference no: EM13149660

The following accounts were included on Megan's Style Consultants adjusted trial balance at December 31, 2010:

Accounts payable $2,000

Accounts receivable 5,500

Cash 11,000

Megan, Capital 40,000

Megan, Drawing 10,000

Interest expense 3,000

Note payable, due 8/31/13 60,000

Supplies 1,000

Service revenue 39,000

Equipment 5,000

a) What are total current assets?

b) What are total current liabilities?

Reference no: EM13149660

Questions Cloud

Is this individual risk adverse : Calculate the expected utility of each project according to this criterion. (c) Is this individual risk adverse, risk neutral, or risk seeking?

Explain the activation energy of a certain reaction : The activation energy of a certain reaction is 45.3kJ/mol . At 24{~}^{\circ}\rm C , the rate constant is 0.0160s^{-1} . At what temperature in degrees Celsius would this reaction go twice as fast?

Affect the value of the government expenditures multiplier : The MPI is defined as increase, decrease or not affect the value of the government expenditures multiplier? Explain!

Cost estimation equation according to report : a. What is the cost estimation equation according to the report? b. What is the goodness of fit? What does it tell about the estimating equation?

Determine total current assets : The following accounts were included on Megan's Style Consultants adjusted trial balance at December 31, 2010: What are total current assets?

Analyze the consequences of such a bill : Analyze the consequences of such a bill and whether or not you would personally favor it. Consider all the costs involved in your analysis.

What would you learn about an economy : What would you learn about an economy if you determined that its GNP was growing more quickly than its GDP?

Classifications in comprehensive income : What are three classifications within comprehensive income according to the FASB codification? Thanks and I will be sure to leave positive feedback.

Problem facing universal industries : How can process costing assist in addressing the problem facing Universal Industries?

User Account

All Pages