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The following list of accounts is from the adjusted trial balance for Pronghorn Corporation:
Accounts payable | | $120,600 | | Equipment | | $850,500 |
Accounts receivable | | 168,300 | | Income tax expense | | 54,900 |
Accumulated depreciationbuildings | | 88,200 | | Insurance expense | | 105,300 |
Accumulated depreciationequipment | | 204,300 | | Inventory | | 208,800 |
Advertising expenses | | 100,800 | | Land | | 990,000 |
Buildings | | 385,200 | | Loan payable (due in 2 years) | | 1,755,000 |
Cash | | 63,900 | | Prepaid expenses | | 26,100 |
Common shares | | 207,000 | | Property tax payable | | 16,200 |
Cost of goods sold | | 1,002,600 | | Refund liability | | 18,900 |
Deferred revenue | | 28,800 | | Salaries expense | | 698,400 |
Depreciation expense | | 169,200 | | Salaries payable | | 23,400 |
| | | | Sales | | 2,361,600 |
(c)
Determine the amount of Pronghorns current assets and current liabilities.
Total current assets | | $ |
Total current liabilities | | $ |
Answer & Explanation
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