Balance Sheets For the Years Ended December 31, 2021 and 2020 2021 2020 Assets Current Assets: Cash $103,500 46,800 $70,400 32,000 Accounts receivable Inventory Prepaid rent Long-Term Assets: Investment in bonds 44,550 71,200 7,200 3,600 54,900 117,450 106,200 Land 141,600 Equipment Less: Accumulated depreciation 102,000 (30,600) (20,800) a) Current Ratio Total Assets $450,000 $400,000 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable Interest payable Income tax payable Long-Term Liabilities: Notes payable Stockholders' Equity: b) Acid Test $30,150 7,200 12,150 $46,800 3,600 10,000 c) Total Debt to Assets 138,150 127,600 Common stock Retained earnings Total Liabilities and Stockholders' E $450,000 144,000 118,350 144,000 68,000 $400,000
Balance Sheets For the Years Ended December 31, 2021 and 2020 2021 2020 Assets Current Assets: Cash $103,500 46,800 $70,400 32,000 Accounts receivable Inventory Prepaid rent Long-Term Assets: Investment in bonds 44,550 71,200 7,200 3,600 54,900 117,450 106,200 Land 141,600 Equipment Less: Accumulated depreciation 102,000 (30,600) (20,800) a) Current Ratio Total Assets $450,000 $400,000 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable Interest payable Income tax payable Long-Term Liabilities: Notes payable Stockholders' Equity: b) Acid Test $30,150 7,200 12,150 $46,800 3,600 10,000 c) Total Debt to Assets 138,150 127,600 Common stock Retained earnings Total Liabilities and Stockholders' E $450,000 144,000 118,350 144,000 68,000 $400,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Practice Pack
What is the 1)
Transcribed Image Text:Balance Sheets
For the Years Ended December 31, 2021 and 2020
2021
2020
Assets
Current Assets:
Cash
Accounts receivable
Inventory
Prepaid rent
Long-Term Assets:
Investment in bonds
Land
Equipment
Less: Accumulated depreciation
Total Assets
$103,500
46,800
44,550
7,200
$70,400
32,000
71,200
3,600
54,900
117,450
106,200
141,600
102,000
(20,800)
$450,000 $400,000
(30,600)
a) Current Ratio
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable
Interest payable
Income tax payable
Long-Term Liabilities:
Notes payable
Stockholders' Equity:
Common stock
Retained earnings
Total Liabilities and Stockholders' E $450,000 $400,000
b) Acid Test
$30,150
7,200
| 12,150
$46,800
3,600
10,000
c) Total Debt to Assets
138,150
127,600
144,000
118,350
144,000
68,000
tical
Horizontal
Ratios
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Includes step-by-step video
Trending now
This is a popular solution!
Learn your way
Includes step-by-step video
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education