Multiple Choice
Given the following items from a company's balance sheet:
- Cash: \$12,000
- Accounts Receivable: \$8,000
- Inventory: \$5,000
- Accounts Payable: \$6,000
- Short-term Notes Payable: \$4,000
What is the total amount of (a) liquid assets and (b) current liabilities?
(Liquid assets include cash and accounts receivable. Current liabilities include accounts payable and short-term notes payable.)
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