Foal Company's December 31,2014 balance sheet reported the following current assets:
$Foal Company's December 31,2014 balance sheet reported the following current assets: An analysis of the accounts disclosed that accounts receivable consisted of the following: \begin{array}{lr} \text { Trade accounts } & \$ 160,000 \\ \text { Allowance for uncollectible accounts } & (5,000) \\ \text { Selling price of Foal's unsold goods out on consignment, at } &\\150 \% \text { of cost, not included in Foal's ending inventory }&45,000\\\text { Total }&\$200,000 \end{array} Required: What are the correct totals for cash,accounts receivable,and inventories at December 31,2014?$
An analysis of the accounts disclosed that accounts receivable consisted of the following:

\begin{array}{lr}\text { Trade accounts } & \$ 160,000 \\\text { Allowance for uncollectible accounts } & (5,000) \\\text { Selling price of Foal's unsold goods out on consignment, at } &\\150 \% \text { of cost, not included in Foal's ending inventory }&45,000\\\text { Total }&\$200,000\end{array}

Required:
What are the correct totals for cash,accounts receivable,and inventories at December 31,2014?

Island Corporation Owes Mutual Bank a 10% Note Payable for $100,000

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