Question: Compute the amount of total current assets based on the following account balances. Cash 18,500 Accounts payable 25,000 Accounts receivable 42,000 Inventory 22,000 Prepaid insurance

Compute the amount of total current assets based on the following account balances.

Cash 18,500

Accounts payable 25,000

Accounts receivable 42,000

Inventory 22,000

Prepaid insurance 2,800

Short-term investments 54,000

Common stock 5,000

Equipment 70,000

Notes payable 48,000

Bonds payable 92,000

Ending retained earnings ?

Service revenue 95,000

Rent expense 14,000

Advertising expense 7,500

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