Exercise 3-1 (Algo) Balance sheet; missing elements (L03-2, 3-3, 3-8] The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable Salaries payable Paid-in capital $ 5,900 29,000 69,000 165,000 48,000 20,000 145,000 The only asset not listed is short-term investments. The only liabilities not listed are $39,000 notes payable due in two years ar related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.6:1. Required: Determine the following at December 31, 2021: 1. Total current assets 2 Short-term investments 3. Retained earnings Exercise 3-1 (Algo) Balance sheet; missing elements [LO3-2, 3-3, 3-8) The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: ad Cash and cash equivalents Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable Salaries payable Paid-in capital 5,900 29,000 69,000 165,000 40,000 20,000 145,000 1 1 M The only asset not listed is short-term investments. The only liabilities not listed are $39,000 notes payable due in two years ar related accrued interest of $1,000 due in four months. The current ratio at year-end is 16:1. Required: Determine the following at December 31, 2021: ) nes 1. Total current assets 2. Short-term investments 3. Retained earnings 2 Exercise 3-2 (Static) Balance sheet classification (LO3-2, 3-3) The following are the typical classifications used in a balance sheet: ts kopped a. Current annets b. Investments c. Property, plant, and equipnent d. Intangible assets e. Other nasets f. Current liabilities 9. Long-term liabilities h. Paid-in capital 1. Retained earning Book Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) Print P erences 10. 11. 12. 13. 14 5. Equipment Accounts payable Allowance for uncollectible accounts Land (held for investment) Notes payable (due in 5 yars) Deforred revenue for the next 12 months) Notes payable (due in 6 months) Accumulated amount of net incorne less dividends Investment in XYZ Corp (ong-term) | | || s| |e Inventory Patent Land (used in operations) Accrued liabilities (due in 6 months) Prepaid rent (for the next months) Common stock Building (used in operations) Cash Income taxes payable 15. 16 17. 18
