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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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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