Question
Given the balance sheet for Seneca Maintenance Company, Also given: Sales $120,000 (80% Credit), Net Income $31,500 SENECA MAINTENANCE COMPANY Balance Sheet Assets Liabilities Cash
Given the balance sheet for Seneca Maintenance Company, Also given: Sales $120,000 (80% Credit), Net Income $31,500
| SENECA MAINTENANCE COMPANY Balance Sheet | |||
| Assets | Liabilities | ||
| Cash | $15,000 | Accounts Payable | $21,000 |
| Accts. Receivable | 22,000 | Notes Payable | 20,000 |
| Inventory | 30,000 | Accrued Expenses | 5,000 |
| Current Assets | 67,000 | Current Liabilities | 46,000 |
| Net Capital Assets | 73,000 | Long-term Debt | 30,000 |
| Shareholders Equity | 64,000 | ||
| Total Assets | $140,000 | Total Liabilities | $140,000 |
COMPUTE RETURN ON EQUITY AND CALCULATE CURRENT RATIO
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Financial and managerial accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
1st edition
111800423X, 9781118233443, 1118016114, 9781118004234, 1118233441, 978-1118016114
