The current ratio for the following is ..... Group of answer choices.43.23.73.53 Balance SheetFor Year Ending December 31, 2013(all numbers in S000)ASSETSLIABILITIESCurrent AssetsCurrent LiabilitiesCash$500Accounts payableShort-term notes$650Accounts receivable150230-188150(less doubtful accounts)InventoryTemporary investmentPrepaid expensesTotal Current AssetsCurrent portion of long-term notesInterest payableTaxes payableAccrued payroll18045103045$627Total Current Liabilities$1,180Long-term LiabilitiesMortgageOther long-term liabilitiesTotal Long-term LiabilitiesFixed AssetsLong-term investments$400$960Land889450Buildings(less accumulated depreciation)Plant & equipment(less accumulated depreciation)Furniture & fixtures506$1,410-120447Shareholders' EquityCapital stockRetained earningsTotal Shareholders' Equity-20098$400(less accumulated depreciation)-78-421($21)$2,569Total Net Fixed Assets$1,942TOTAL ASSETS$2,569TOTAL LIABILITIES & EQUITY

Formula: Current ratio = Current Assets / Current liabilities Division of current Assets with…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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