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Tumbling Haven, a gymnastic equipment manufacturer, provided the following information to its accountant. The company had...

Tumbling Haven, a gymnastic equipment manufacturer, provided the following information to its accountant. The company had net fixed assets of $356,190, and other assets of $4,176. The firm has current liabilities of $94,792, long-term debt of $76,445, common stock of $200,000, and retained earnings of $134,461. What amount of current assets did this firm have?

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Expert Solution

Balance Sheet has two side-one Assets Side and other is Liabilities and Equity.
Total of both side is always equal.
Total Assets = Total Liabilities + Total Equity
Step-1:Calculation of total liabilities and Total Equity
Current Liabilities $           94,792
Long term debt $           76,445
Total Liabilities $       1,71,237
Common Stock $       2,00,000
Retained Earning $       1,34,461
Total Equity $       3,34,461
Total Liabilities and Equity $       5,05,698
Step-2:Calculation of Current Assets
Total Liabilities and Equity $       5,05,698
Net Fixed Assets $       3,56,190
Other assets $             4,176
Total assets other than current assets $       3,60,366
Current Assets $       1,45,332

jeff jeffy answered 8 months ago
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