The adjusted trial balance of Lamont Corp. included the following accounts:
| Accounts Payable |
$ 15,000 |
| Accounts Receivable |
25,000 |
| Accumulated Depreciation - Building |
25,000 |
| Building |
110,000 |
| Capital Stock |
60,000 |
| Cash |
25,000 |
| Interest Payable |
2,000 |
| Merchandise Inventory |
20,000 |
| Land |
60,000 |
| Prepaid Insurance |
3,000 |
| Retained Earnings |
64,000 |
| Currently maturing portion of the Note Payable |
5,000 |
| Supplies |
1,000 |
| Unearned Rent |
2,000 |
| Note Payable (due in annual installments over fiveyears) |
20,000 |
1. What amount of current assetswould appear on the balance sheet?
A) $72,000
B) $74,000
C) $83,000
D) $97,000
E) None of the above is correct.
2. What amount of currentliabilities would appear on the balance sheet?
A) $15,000
B) $19,000
C) $22,000
D) $24,000