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Balance Sheet For Year Ending December 31, 2013 (all numbers in $000) ASSETS Current Assets LIABILITIES Current Liabilities Cash $500 $650 Accounts payable Short-term notes Current portion of long-term notes Interest payable Taxes payable Accrued payroll Total Current Liabilities Long-term Liabilities Mortgage Other long-term liabilities Total Long-term Liabilities Accounts receivable 150 230 (less doubtful accounts) Inventory Temporary investment Prepaid expenses Total Current Assets -188 180 150 10 45 30 5 $627 45 $1,180 Fixed Assets Long-term investments Land Buildings (less accumulated depreciation) Plant & equipment (less accumulated depreciation) Furniture & fixtures $400 $960 889 450 506 $1.410 -120 447 Shareholders' Equity Capital stock Retained earnings Total Shareholders' Equity TOTAL LIABILITIES & EQUITY -200 98 $400 (less accumulated depreciation) Total Net Fixed Assets -78 -421 $1,942 $2,569 (521) $2,569 TOTAL ASSETS

Balance Sheet For Year Ending December 31, 2013 (all numbers in $000) ASSETS Current Assets LIABILITIES Current Liabilities Cash $500 $650 Accounts payable Short-term notes Current portion of long-term notes Interest payable Taxes payable Accrued payroll Total Current Liabilities Long-term Liabilities Mortgage Other long-term liabilities Total Long-term Liabilities Accounts receivable 150 230 (less doubtful accounts) Inventory Temporary investment Prepaid expenses Total Current Assets -188 180 150 10 45 30 5 $627 45 $1,180 Fixed Assets Long-term investments Land Buildings (less accumulated depreciation) Plant & equipment (less accumulated depreciation) Furniture & fixtures $400 $960 889 450 506 $1.410 -120 447 Shareholders' Equity Capital stock Retained earnings Total Shareholders' Equity TOTAL LIABILITIES & EQUITY -200 98 $400 (less accumulated depreciation) Total Net Fixed Assets -78 -421 $1,942 $2,569 (521) $2,569 TOTAL ASSETS

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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The current ratio for the following is .....

 

Group of answer choices
.43
.23
.73
.53
Balance Sheet For Year Ending December 31, 2013 (all numbers in S000) ASSETS LIABILITIES Current Assets Current Liabilities Cash $500 Accounts payable Short-term notes $650 Accounts receivable 150 230 -188 150 (less doubtful accounts) Inventory Temporary investment Prepaid expenses Total Current Assets Current portion of long-term notes Interest payable Taxes payable Accrued payroll 180 45 10 30 45 $627 Total Current Liabilities $1,180 Long-term Liabilities Mortgage Other long-term liabilities Total Long-term Liabilities Fixed Assets Long-term investments $400 $960 Land 889 450 Buildings (less accumulated depreciation) Plant & equipment (less accumulated depreciation) Furniture & fixtures 506 $1,410 -120 447 Shareholders' Equity Capital stock Retained earnings Total Shareholders' Equity -200 98 $400 (less accumulated depreciation) -78 -421 ($21) $2,569 Total Net Fixed Assets $1,942 TOTAL ASSETS $2,569 TOTAL LIABILITIES & EQUITY
Transcribed Image Text:Balance Sheet For Year Ending December 31, 2013 (all numbers in S000) ASSETS LIABILITIES Current Assets Current Liabilities Cash $500 Accounts payable Short-term notes $650 Accounts receivable 150 230 -188 150 (less doubtful accounts) Inventory Temporary investment Prepaid expenses Total Current Assets Current portion of long-term notes Interest payable Taxes payable Accrued payroll 180 45 10 30 45 $627 Total Current Liabilities $1,180 Long-term Liabilities Mortgage Other long-term liabilities Total Long-term Liabilities Fixed Assets Long-term investments $400 $960 Land 889 450 Buildings (less accumulated depreciation) Plant & equipment (less accumulated depreciation) Furniture & fixtures 506 $1,410 -120 447 Shareholders' Equity Capital stock Retained earnings Total Shareholders' Equity -200 98 $400 (less accumulated depreciation) -78 -421 ($21) $2,569 Total Net Fixed Assets $1,942 TOTAL ASSETS $2,569 TOTAL LIABILITIES & EQUITY
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