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The following amounts were reported on the December 31, 2019, balance sheet: Cash $ 8,000 Land 20,000 Accounts payable 15,000 Bonds payable 120,000 Merchandise inventory
The following amounts were reported on the December 31, 2019, balance sheet:
| Cash | $ | 8,000 |
| Land | 20,000 | |
| Accounts payable | 15,000 | |
| Bonds payable | 120,000 | |
| Merchandise inventory | 30,000 | |
| Retained earnings | 80,000 | |
| Buildings and equipment, net of accumulated depreciation | 180,000 | |
| Accounts receivable | 22,000 | |
| Common stock | 40,000 | |
| Wages payable | 5,000 | |
The acid-test ratio at December 31, 2019 was:
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Financial accounting
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
8th Edition
9780135114933, 136108865, 978-0136108863
