Reference no: EM132251617
Question - Listed below are account balances (in $thousands) taken from the records of Sunny Company. The company uses a perpetual inventory system.
Debit Credit
Accounts receivable-trade 700
Building and equipment 940
Cash-checking 70
Short-term notes receivables 52
Interest receivable 30
Inventory 38
Land 375
Long-term note receivable 400
Petty cash funds 3
Prepaid insurance (for coming year) 24
Supplies 7
Accounts payable-trade 564
Accumulated depreciation 84
Additional paid-in capital, common 525
Allowance for uncollectable accounts 21
Cash dividends payable 34
Common stock, at par 18
Income tax payable 68
Notes payable (long-term) 800
Retained earnings ?
Unearned revenues 44
Required:
1. What should Sunny Company report as total current assets?
2. What should Sunny Company report as total assets?