Question
The following December 31, 2021, fiscal year-end account balance information is available for the Stone Corporation: Cash and cash equivalents $ 6,200 Accounts receivable (net)
The following December 31, 2021, fiscal year-end account balance information is available for the Stone Corporation:
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| Cash and cash equivalents | $ | 6,200 |
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| Accounts receivable (net) |
| 32,000 |
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| Inventory |
| 72,000 |
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| Property, plant, and equipment (net) |
| 180,000 |
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| Accounts payable |
| 51,000 |
|
| Salaries payable |
| 23,000 |
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| Paid-in capital |
| 160,000 |
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The only asset not listed is short-term investments. The only liabilities not listed are $42,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1. Required: Determine the following at December 31, 2021:
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
