How do I determine the current assets and current Liabilites
The following information pertains to Wamser Company:
| Cash |
$21,500 |
| Accounts receivable |
126,000 |
| Inventory |
75,000 |
| Plant assets (net) |
384,000 |
| Total assets |
$606,500 |
| Accounts payable |
$75,500 |
| Accrued taxes and expenses payable |
24,500 |
| Long-term debt |
49,500 |
| Common stock ($10 par) |
160,000 |
| Paid-in capital in excess of par |
89,500 |
| Retained earnings |
207,500 |
| Total equities |
$606,500 |
| Net sales (all on credit) |
$805,000 |
| Cost of goods sold |
601,000 |
Net income
|
80,500 |
Compute the following: (Round answers to 2 decimal places e.g. 15.25.)