Balance Sheet Cole Eagan Enterprises December 31, 2013 Cash Accounts Payable Notes Payable $4,500 $10,000 Accounts Receivable Inventory Accruals 1,000 Total Current Assets Total Current Liabilities Long-Term Debt Stockholders' Equity Net Fixed Assets Total Assets Total Liabilities & S.E. Information supporting the table above is below and is used to answer the question. • Sales totaled $110,000 • Cost of goods sold was $82,500 Inventory days on hand was 120 The average collection period was 65 days The current ratio is 2.0 If we assume current assets are $26,000, current liabilities must be table above) (see a) $52,000 O b) $13,000 O c) $26,000 d) $6,500
Balance Sheet Cole Eagan Enterprises December 31, 2013 Cash Accounts Payable Notes Payable $4,500 $10,000 Accounts Receivable Inventory Accruals 1,000 Total Current Assets Total Current Liabilities Long-Term Debt Stockholders' Equity Net Fixed Assets Total Assets Total Liabilities & S.E. Information supporting the table above is below and is used to answer the question. • Sales totaled $110,000 • Cost of goods sold was $82,500 Inventory days on hand was 120 The average collection period was 65 days The current ratio is 2.0 If we assume current assets are $26,000, current liabilities must be table above) (see a) $52,000 O b) $13,000 O c) $26,000 d) $6,500
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter13: Financial Statement Analysis
Section: Chapter Questions
Problem 13.10E
Related questions
Question
If we assume current assets are $26,000, current liabilities must be ___________. (see table above)
![Balance Sheet
Cole Eagan Enterprises
December 31, 2013
$10,000
Accounts Payable
Notes Payable
Cash
$4,500
Accounts Re ceivable
Inventory
Accruals
1,000
Total Current Assets
Total Current Liabilities
Long-Term Debt
Stockholders' Equity
Net Fixed Assets
Total Assets
Total Liabilities & S.E.
Information supporting the table above is below and is used to answer the question.
• Sales totaled $110,000
Cost of goods sold was $82,500
Inventory days on hand was 120
The average collection period was 65 days
• The current ratio is 2.0
we assume current assets are $26,000, current liabilities must be
table above)
(see
a) $52,000
b) $13,000
c) $26,000
d) $6,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4d6ce828-7421-4579-a347-7b809a44673d%2F62c0f16e-a4b7-40a0-a6df-8a8cb88f7fca%2Fasxnie_processed.png&w=3840&q=75)
Transcribed Image Text:Balance Sheet
Cole Eagan Enterprises
December 31, 2013
$10,000
Accounts Payable
Notes Payable
Cash
$4,500
Accounts Re ceivable
Inventory
Accruals
1,000
Total Current Assets
Total Current Liabilities
Long-Term Debt
Stockholders' Equity
Net Fixed Assets
Total Assets
Total Liabilities & S.E.
Information supporting the table above is below and is used to answer the question.
• Sales totaled $110,000
Cost of goods sold was $82,500
Inventory days on hand was 120
The average collection period was 65 days
• The current ratio is 2.0
we assume current assets are $26,000, current liabilities must be
table above)
(see
a) $52,000
b) $13,000
c) $26,000
d) $6,500
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