Company’s total assets and liabilities by the end of April Total Assets (Cash only): $2,787,000 Total Liabilities: $1,863,000 Construction project Contract terms Duration: 4/1 ~ 12/31 Contract amount: $624,000 with the owner $598,000 with the subcontractors including the suppliers Terms of payment: Monthly payment The owner pays the contractor within a month after the contractor bills the owner

Company’s total assets and liabilities by the end of April Total Assets (Cash only): $2,787,000 Total Liabilities: $1,863,000 Construction project Contract terms Duration: 4/1 ~ 12/31 Contract amount: $624,000 with the owner $598,000 with the subcontractors including the suppliers Terms of payment: Monthly payment The owner pays the contractor within a month after the contractor bills the owner. The owner holds 5% of each payment to the contractors for retention. The contractor pays the subcontractors within a month after the subcontractors bill the contractor. The contractor holds 5% of each payment to the subcontractors for retention. Information related to revenues and expenses in the project 4/1 Project Start 4/26 The subcontractors billed $54,000 to the contractor. 4/30 The contractor billed $57,000 to the owner. 5/20 The owner paid 95% of the amount that the contractor billed in March to the contractor. 5% was held for retention. 5/20 The contractor paid 95% of the amount that the subcontractors billed in March to the subcontractors. 5% was held for retention. 5/26 The subcontractors billed $41,000 to the contractor. 5/31 The contractor billed $47,000 to the owner. What is the amount of total assets on the balance sheet of May 31st?

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