Question
Completing a Balance Sheet The following December 31, 2014, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents: 3280
Completing a Balance Sheet
The following December 31, 2014, fiscal year-end account balance information is available for the Stonebridge Corporation:
Cash and cash equivalents: 3280
Accounts receivable (net): 18600
Inventories: 57000
Property, plant, and equipment (net): 119000
Accounts payable: 47700
Wages payable: 13600
Paid-in capital: 92900
The only asset not listed is short-term investments. The only liabilities not listed are a $34000 note payable due in two years and related accrued interest of $760 due in four months. The current ratio at year-end is 1.5:1.
Required:
Determine the following at December 31, 2014:
1. Total current assets
2. Short-term investments
3. Retained earnings
Please include as much detail as possible for how you found your answer.
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