Use the following data to determine the total amount of working capital. Sheffield Corp. Balance Sheet December 31, 2022

Cash $200000 Accounts payable $202000
Accounts receivable 154000 Salaries and wages payable 27000
Inventory 152000 Mortgage payable 236000
Prepaid insurance 90300 Total liabilities $465000
Stock investments (long-term) 266000
Land 299000
Buildings $305000 Common stock $420300
Less: Accumulated depreciation (55000) 250000 Retained earnings 742000
Goodwill 216000 Total stockholders' equity $1162300
Total assets $1627300 Total liabilities and stockholders' equity $1627300

Sheffield Corp.

The amount of working capital

= Current Assets minus Current Liabilities

= $596,300 - $229,000

= $367,300

Explanation:

a) Data and Calculations:

Cash                            $200,000

Accounts receivable      154,000

Inventory                        152,000

Prepaid insurance           90,300

Total current assets                                         $596,300

Stock investments (long-term)        266,000

Land                                                  299,000

Buildings                     $305,000

Less: Accumulated

depreciation                  (55000)    250,000

Goodwill                                            216,000 $1,031,000

Total assets                                                    $1,627,300

Accounts payable             $202,000

Salaries and wages payable 27,000

Current Liabilities             $229,000

Mortgage payable              236,000

Total liabilities                                                 $465,000

Common stock                      $420,300

Retained earnings                   742,000

Total stockholders' equity                            $1,162,300

Total liabilities and stockholders' equity    $1,627,300

The difference between Sheffield Corporation's current assets and the current liabilities is known as the working capital.  It is the excess between these two parameters.

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