Accounts payable 5875820

Accruals 874510

Accumulated depreciation 12458790

Additional paid in capital 18474110

Beginning year inventory 18756950

Common stock ($1.25 par value) 31578960

Cost of goods sold 68954230

Current portion of Long term debt 22587960

Gross Acc receivable 1458790

Gross fixed assets 74879560

Long term debt ( exc current portion) 22587960

Purchases 71489760

Retained earnings 6856510

Returns and allowance 15710

short term bank loan 248790

cash ????

*PLEASE EXPLAIN IF POSSIBLE* thank you

1. What did Phillip’s Plumbing Company record as Total Current Assets on Dec 31 2011 balance sheet?

2. What did Phillips Plumbing Company record as Total Current Liabilities on Dec 31 2011 balance sheet?