write my assignment 11163

(TCO 4) Listed below are account balances (in $thousands) taken from the records of Sunny Company. The company uses a perpetual inventory system.

Debit

Credit

Accounts receivable-trade

700

Building and equipment

940

Cash-checking

70

Short-term notes receivables

52

Interest receivable

30

Inventory

38

Land

375

Long-term note receivable

400

Petty cash funds

3

Prepaid insurance (for coming year)

24

Supplies

7

Accounts payable-trade

564

Accumulated depreciation

84

Additional paid-in capital, common

525

Allowance for uncollectable accounts

21

Cash dividends payable

34

Common stock, at par

18

Income tax payable

68

Notes payable (long-term)

800

Retained earnings

?

Unearned revenues

44

Required:

  1. What should Sunny Company report as total current assets?
  2. What should Sunny Company report as total assets?
 
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