The trial balance for K and J Nursery, Inc., listed the following account balances at December 31,

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The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2018, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventories, $25,000; equipment (net), $80,000; accounts payable, $14,000; wages payable, $9,000; interest payable, $1,000; note payable (due in 18 months), $30,000; common stock, $50,000. Calculate total current assets and total current liabilities that would appear in the company's year-end balance sheet.

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Intermediate Accounting

ISBN: 9781259722660

9th Edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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