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Balance Sheet You are evaluating the balance sheet for Cypress Corporation. From the balance sheet you find the following balances: Cash and marketable securities = $590,000, Accounts receivable = $790,000, Inventory = $490,000, Accrued wages and taxes = $49,000, Accounts payable = $190,000, and Notes payable = $990,000. What is Cypress's current liabilities? Cypress's current assets = Cash and marketable securities Accounts receivable Inventory Total current assets and current liabilities = Accrued wages and taxes Accounts payable Notes payable Total current liabilities $641,000 $741,000 O 841,000 941,000 $590,000 $790,000 $490,000 $1,870,000 $ 49,000 $190,000 $990,000 $1,229,000

Balance Sheet You are evaluating the balance sheet for Cypress Corporation. From the balance sheet you find the following balances: Cash and marketable securities = $590,000, Accounts receivable = $790,000, Inventory = $490,000, Accrued wages and taxes = $49,000, Accounts payable = $190,000, and Notes payable = $990,000. What is Cypress's current liabilities? Cypress's current assets = Cash and marketable securities Accounts receivable Inventory Total current assets and current liabilities = Accrued wages and taxes Accounts payable Notes payable Total current liabilities $641,000 $741,000 O 841,000 941,000 $590,000 $790,000 $490,000 $1,870,000 $ 49,000 $190,000 $990,000 $1,229,000

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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Balance Sheet You are evaluating the balance sheet for Cypress Corporation. From the balance sheet you find the following balances: Cash and marketable securities = $590,000, Accounts receivable = $790,000, Inventory = $490,000, Accrued wages and taxes = $49,000, Accounts payable = $190,000, and Notes payable = $990,000. What is Cypress's current liabilities? Cypress's current assets = Cash and marketable securities Accounts receivable Inventory Total current assets and current liabilities = Accrued wages and taxes Accounts payable Notes payable Total current liabilities O $641,000 O $741,000 O 841,000 O 941,000 $590,000 $790,000 $490,000 $1,870,000 $ 49,000 $190.000 $990,000 $1,229,000
Transcribed Image Text:Balance Sheet You are evaluating the balance sheet for Cypress Corporation. From the balance sheet you find the following balances: Cash and marketable securities = $590,000, Accounts receivable = $790,000, Inventory = $490,000, Accrued wages and taxes = $49,000, Accounts payable = $190,000, and Notes payable = $990,000. What is Cypress's current liabilities? Cypress's current assets = Cash and marketable securities Accounts receivable Inventory Total current assets and current liabilities = Accrued wages and taxes Accounts payable Notes payable Total current liabilities O $641,000 O $741,000 O 841,000 O 941,000 $590,000 $790,000 $490,000 $1,870,000 $ 49,000 $190.000 $990,000 $1,229,000
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