New Hospital, Inc. has the following T-account summaries:
(All accounts have normal balances-that is, accounts that normally have a debit balance, have a debit balance and accounts that normally have a credit balance, have a credit balance in the below numbers)

Balance Balance
Account 12/31/16 12/31/17
Cash $15,000 $75,000
Accounts Receivable, net $50,000 $65,000
Inventory $50,000 $90,000
Prepaid rent $20,000 $10,000
Equipment $200,000 $260,000
Accumulated Depreciation $20,000 $30,000
Land $60,000
Accounts Payable $40,000 $64,500
Wages Payable $10,000 $6,000
Interest Payable $4,500 $4,000
Current Taxes Payable $10,000 $15,000
Note Payable $90,000 $80,000
Common Stock ($1 each) $50,000 $50,000
Retained Earnings $110,500 $310,500
Gross Revenue $1,200,000
Contractual allowance $500,000
Wage Expense $200,000
Rent Expense $36,000
Office Expenses $30,000
Bad Debt Expense $15,000
Depreciation Expense $10,000
Interest Expense $8,000
Income Tax Expense $60,000

The company did not sell any equipment during the year. All equipment purchased during the year was purchased with cash. The retained earnings balance for both years is the final balance after the revenue and expense entries h=ave been closed out. The Note Payable account requires payments of $10,000 principal plus interest at 10% on June 30 of each year. (Note that the Notes Payable is in one account, you will need to determine what is current vs. non-current.)

For the following questions, it is highly recommended that you do the income statement and balance sheet before you answer the questions because it will help ensure you are including all appropriate accounts. Ultimately, you will be graded only on the multiple-choice answers. You do not need to show your work.

The Total Assets at December 31, 2017 was
a) $530,000
b) $ 590,000
c) $ 580,000
d) $ 600,000
e) None of the above