The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: The
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Question:
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation:
The only asset not listed is short-term investments. The only liabilities not listed are $31,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.7:1.
Required:
Determine the following at December 31, 2021:
1. Total current assets.
2. Short-term investments.
3. Retained earnings.
Transcribed Image Text:
Cash and cash equivalents $ 5,000 Accounts receivable (net) 20,000 60,000 120,000 Inventory Property, plant, and equipment (net) Accounts payable Salaries payable Paid-in capital 44,000 15,000 100,000 Cash and cash equivalents $ 5,000 Accounts receivable (net) 20,000 60,000 120,000 Inventory Property, plant, and equipment (net) Accounts payable Salaries payable Paid-in capital 44,000 15,000 100,000
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