B. Financial Reporting-Balance Sheet (5 questions) Hornet Engineering also needs to submit a year-to-date statement of financial position to its Board of Directors. Using the figures below, answer the following questions. As of December 31, 2016: Cash $105,000 Short-term investments $23,500 Work in progress J $376,000 Accounts receivable $198,000 Property and equipment $52,400 Accounts payable & accrued expenses $175,000 Deferred Income taxes J $75,000 Long-term debt and liabilities $155,000 Capital stock J $265,000 Retained earnings $84,900 6. What are Hornet's total Current Assets? a) $52,400 b) $105,000 c) $376,000 d) $702,500