Question
Use the following data to calculate the current ratio. Nash's Trading Post, LLC Balance Sheet December 31, 2022 Cash $185000 Accounts payable $195000 Accounts receivable
Use the following data to calculate the current ratio. Nash's Trading Post, LLC Balance Sheet December 31, 2022 Cash $185000 Accounts payable $195000 Accounts receivable 140000 Salaries and wages payable 25000 Inventory 150000 Mortgage payable 225000 Prepaid insurance 85000 Total liabilities $445000 Stock investments (long-term) 250000 Land 250000 Buildings $300000 Common stock $335000 Less: Accumulated depreciation (55000) 245000 Retained earnings 725000 Goodwill 200000 Total stockholders' equity $1060000 Total assets $1505000 Total liabilities and stockholders' equity $1505000
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