Hanson Construction has an operating cycle of 9 months. On December 31, 2019, Hanson has the following assets and l

Hanson Construction has an operating cycle of 9 months. On December 31, 2019, Hanson has the following assets and liabilities:

  1. A note receivable in the amount of $1,200 to be collected in 6 months
  2. Cash totaling $500
  3. Accounts payable totaling $1,500, all of which will be paid within 2 months
  4. Accounts receivable totaling $12,000, including an account for $8,000 that will be paid in 2 months and an account for $4,000 that will be paid in 18 months
  5. Construction supplies costing $8,800, all of which will be used in construction within the next 12 months
  6. Construction equipment costing $60,000, on which depreciation of $22,400 has accumulated
  7. A note payable to the bank in the amount of $7,600 is to be paid within the next year

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