Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given the balance sheet information below, please create a balance sheet ensuring you also show total lines for current and long-term assets, current and long-term
Given the balance sheet information below, please create a balance sheet ensuring you also show total lines for current and long-term assets, current and long-term liabilities and Owners equity. Then calculate the current ratio. Please show your work.
Cash | 28000 | Notes Payable | 11500 |
Accounts Receivable | 21000 | Accounts Payable | 25000 |
Inventories | 52000 | Long-term debt | 162000 |
Fixed Assets | 450000 | Retained Earnings | 65000 |
Accumulated Depreciation | 150000 | Common Stock | 170000 |
Intangible Assets | 82000 | ||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started