Current Assets and Current Liabilities

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

b$.$ Cash totaling $$490$

c$.$ Accounts payable totaling $$1,500,$ all of which will be paid within $2$ months

d$.$ 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

e$.$ Construction supplies costing $$8,800,$ all of which will be used in construction within the next $12$ months

f$.$ Construction equipment costing $$60,000,$ on which depreciation of $$22,400$ has accumulated

g$.$ 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 $31.$

Total current assets

Total current liabilities

$2.$ Conceptual Connection: Comment on Hanson's liquidity.