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The following account balances were listed on the trial balance of Morgan Company:
Account Balance
Cash $38,000
Short-term Investments $4,000
Accounts Receivable $48,000
Supplies $6,000
Long-term Notes Receivable $2,000
Equipment $96,000
Building $180,000
Intangible Assets $6,000
Accounts Payable $30,000
Short-term Loan Payable $14,000
Utilities Payable $4,000
Long-term Notes Payable $92,000
Common Stock $180,000
Retained Earnings $60,000
Problem 1: What are Morgan Company's Total Current Assets and Total Current Liabilities?
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