Compute working capital for 2019.
The financial statements for Uptown Service Company include the following items:
A) $145,000
B) $96,000
C) $156,000
D) $33,000
C) $156,000
Working capital = Current assets - Current liabilities
Working capital = (Cash $50,500 + Short-term Investments $27,000 + Net Accounts Receivable $61,000
+ Merchandise Inventory $161,000) - (Accounts Payable $127,500 + Salaries Payable $16,000)
Working Capital = $299,500 - 143,500
Working Capital = $156,000
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