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VIDEO SCREENS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash $200,600 $127,000 Accounts receivable 92,000 99,000 Inventory 102,000 87,000
VIDEO SCREENS CORPORATION | ||
---|---|---|
Balance Sheets | ||
December 31, 2024 and 2023 | ||
2024 | 2023 | |
Assets | ||
Current assets: | ||
Cash | $200,600 | $127,000 |
Accounts receivable | 92,000 | 99,000 |
Inventory | 102,000 | 87,000 |
Investments | 4,700 | 2,700 |
Long-term assets: | ||
Land | 550,000 | 550,000 |
Equipment | 860,000 | 740,000 |
Less: Accumulated depreciation | (498,000) | (338,000) |
Total assets | $1,311,300 | $1,267,700 |
Liabilities and Stockholders' Equity | ||
Current liabilities: | ||
Accounts payable | $106,000 | $92,000 |
Interest payable | 6,500 | 12,700 |
Income tax payable | 8,500 | 5,700 |
Long-term liabilities: | ||
Notes payable | 110,000 | 220,000 |
Stockholders' equity: | ||
Common stock | 770,000 | 770,000 |
Retained earnings | 310,300 | 167,300 |
Total liabilities and stockholders' equity | $1,311,300 | $1,267,700 |
Additional information for 2024:
- Net income is $143,000.
- Sales on account are $1,776,300.
- Cost of goods sold is $1,323,000.
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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