The following financial information is from Shovels Construction Company for 2012: Accounts Payable $15,000 Retained earnings $47, 500 Buildings 80,000 Supplies 40,000 Cash 10,500 Note payable (due in 18 months) 35,000 Accounts Receivable 9,500 Interest payable 3,000 Sales tax payable 4, 500 Common stock 35,000 What is the amount of current assets, assuming the accounts above reflect normal activity?

The current assets and current liabilities sections of the balance sheet of Sunland Co. appear as follows. Sunland Co.Balance Sheet (Partial)As of December 31, 2017 Cash       $ 17,900   Accounts payable   $ 29,500 Accounts receivable   $ 39,600       Notes payable   15,400     Less: Allowance for doubtful accounts   3,200   36,400   Unearned revenue   3,800 Inventory       61,100   Total current liabilities   $ 48,700 Prepaid expenses       7,400         Total current assets       $ 122,800         The following errors in the corporation’s accounting have been discovered: 1.   Keane collected $ 5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company’s controller recorded the amount as revenue. 2.   The inventory amount reported included $ 2,300 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $ 1,600 had been received on…

Consider the following financial data for Larry’s Computer Stores: Statement of Financial Position as of December 31, 2012 Cash & equivalents $ 94,500   Accounts payable $ 122,500 Receivables   202,500   Short-term bank note   162,500 Inventories   364,000   Accrued wages and taxes   110,500   Total current assets $ 661,000     Total short-term liab. $ 395,500         Long-term debt   418,000 Net fixed assets   468,500   Common equity   316,000 Total assets $ 1,129,500   Total liabilities & equity $ 1,129,500               Statement of Earnings for the Year Ended December 31, 2012 Sales revenue $ 450,000 Cost of merchandise sold   250,000 Gross profit $ 200,000 Operating expenses   97,500   Earnings before interest and taxes (EBIT) $ 102,500 Interest expense   46,500   Earnings before taxes (EBT) $ 56,000 Federal and state income taxes (45 percent)   25,200 Net earnings $ 30,800…

Presented below is selected financial data for Teague Industries for the current year: Current assets: ​ Current liabilities ​ Cash and cash equivalents $3503​ Accounts payable $5385​ Short-term investments 1555​ Other current liabilities 2892​ Receivables, net 1811​ Total current liabilities 8277​ Merchandise inventories 6205​ Noncurrent liabilities 5196​ Other current assets 1975​ Shareholders' Equity 6250​ Total current assets ​ 15,049 ​ Total liabilities and shareholders' equity $19,723​ Noncurrent assets 4674​ ​ ​ Total assets $19,723​ ​ ​ ​ ​ ​ ​ Revenues $50,826 ​ ​ Costs and Expenses 45,963 ​ ​ Operating Income 4,863 ​ ​ Other income/expense (including interest expense of $60) (36) ​ ​ ​ Income before income tax 4827​ ​ ​ Income tax expense (1449) ​ ​ Net income $3378​ ​ ​ Previous Years' Financial Data Total Assets $17,020​ Shareholders' Equity 4000​ The financial leverage for Teague Industries is ________. (Round your answer to two decimal places, X.XX.)