Problem:
Mare Company's December 31, 2005 balance sheet reported the following current assets:
Cash $70,000
Accounts receivable 120,000
Inventories 60,000
Total $250,000
The analysis of the accounts disclosed that accounts receivable consisted of the followings:
Trade accounts $96,000
Allowance for uncollectible accounts (2,000)
Selling price of Mare's unsold goods out on consignment, at 130% of cost, not included in Mare's ending inventory 26,000
Total $120,000
Required:
What are the correct totals for cash, accounts receivable, and inventories at December 31, 2005?