On December 31, Hernandez Company has the following list of account balances. Accounts Payable Accounts Receivable Accumulated Depreciation, Equipment Accumulated Depreciation, Buildings Advertising Expense Beginning Retained Earnings Buildings Capital Stock Cash Dividends $ 66,900 29,700 13,900 63,300 2,900 91,000 106,000 33,300 108,300 Dollar amount of Total Current Assets: 17,800 S Equipment Service Revenue Legal Expense Note Payable, due in two years. Prepaid Rent Rent Expense Salaries Expense Salaries Payable Supplies Supplies Expense Required: Compute the dollar amount of the total current assets as it would appear on the December 31 balance sheet. A $ 42,300 68,400 1,000 16,000 24,300 4,700 1,100 13,000 24,800 2,900

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…