Business, 06.09.2021 21:20 916837

Hanson Construction has an operating cycle of 9 months. On December 31, Hanson has the following assets and liabilities: a. A note receivable in the amount of $1,200 to be collected in 6 months Cash totaling $490.
b. Accounts payable totaling $2,000, all of which will be paid within 2 months.
c. Accounts receivable totaling $12,000, including an account for $8,000 that will be paid in 2 months and an account for $4,000 that will be paid in 18 months.
d. Construction supplies costing $8,800, all of which will be used in construction within the next 12 months.
e. Construction equipment costing $60,000, on which depreciation of $22,400 has accumulated.
f. A note payable to the bank in the amount of $7,600 is to be paid within the next year.

Required:
Calculate the amounts of current assets and current liabilities reported on Hanson's balance sheet at December 31, 2019.

Answers: 2

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Hanson Construction has an operating cycle of 9 months. On December 31, Hanson has the following ass...

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