Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the ones that are in the red box is what i got wrong. can you please also explain how were you able to find the

the ones that are in the red box is what i got wrong.
can you please also explain how were you able to find the answers. thank you (:
image text in transcribed
image text in transcribed
image text in transcribed
The following items were taken from the financial statements of Buttercup Company. (All dollars are in thousands.) Mortgage payable Prepaid insurance Property, plant, and equipment Long-term investments Short-term investments Notes payable in 2019 Cash $2,443 880 11.500 1,100 3,690 1,000 2.600 Accumulated depreciation Accounts payable Notes payable after 2019 Common stock Retained earnings Accounts receivable Inventories $3,655 1,444 1,200 5,000 8,480 1,696 1,756 BUTTERCUP COMPANY Balance Sheet For the Quarter Ended December 31, 2018 (in thousands) Assets Current Assets Cash 2,600 Short-term investments 3,690 Accounts Receivable 1,696 Inventories 1,756 Prepaid Insurance 880 10.622 Total Current Assets Long-term investments 1100 Property. Plant and Equipment 11,500 Property. Plant and Equipment Less : Accumulated Depreciation 3,655 i 7845 Total Assets 19567 Liabilities and Stockholders' Equity Total Assets 19567 Liabilities and Stockholders' Equity Current Liabilities Notes Payable $ 1.000 Accounts Payable 1,444 $ Total Current Liabilities $ 2464 Long term Liabilities Mortgage Payable 2.443 Notes Payable 1.200 3643 Total long term Liabilities 6087 Total Liabilities Long-term Investments Accounts Payable 2393 Common Stock 5000 Total Stockholders' Equity 13480 $ 19567 Total Liabilities and Stockholders Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: C. William Thomas, Wendy M Tietz

13th Edition

013689903X, 9780136899037

More Books

Students also viewed these Accounting questions

Question

Describe Berkeleys objection to primary qualities.

Answered: 1 week ago