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VIDEO SCREENS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment
VIDEO SCREENS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: $130,400 $121,000 80,000 93,000 96,000 81,000 4,100 2,100 490,000 490,000 800,000 680,000 (438,000) (278,000) $1,162,500 $1,189,100 Accounts payable Interest payable $100,000 $86,000 6,500 12,100 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: 8,500 5,100 110,000 220,000 Common stock 710,000 710,000 Retained earnings 227,500 155,900 Total liabilities and stockholders' equity $1,162,500 $1,189,100 Additional information for 2024: 1. Net income is $71,600. 2. Sales on account are $1,557,000. 3. Cost of goods sold is $1,185,900. Required: 1. Calculate the following risk ratios for 2024: 2. When we compare two companies, can one have a higher current ratio while the other has a higher acid-test ratio?
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