Partridge Corporation had the following accounts and balances:9,000 Accounts payable13,000 Salaries payableCashAccounts receivableInventoryEquipment? Total stockholders' equity$21,000$13,000$17,000$30,000$42,000$18,00010,00057,000Using the accounting equation, what would be the balance in the Inventory account?

$21,000Inventory =$21,000Total Assets=Total liabilities+Total stockholders' equityTotal…

Cash Accounts receivable Inventory Equipment $42,000 ing the accounting equation, what would be the balance in the Inventory account? 9,000 Accounts payable 13,000 Salaries payable $21,000 $13,000 $17,000 $30,000 ? Total stockholders' equity $18,000 10,000 57,000 $

Cash Accounts receivable Inventory Equipment $42,000 ing the accounting equation, what would be the balance in the Inventory account? 9,000 Accounts payable 13,000 Salaries payable $21,000 $13,000 $17,000 $30,000 ? Total stockholders' equity $18,000 10,000 57,000 $

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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Excerpts from Smith Company's December 31, 20x2 and 20x1, financial statements are presented below: 20x2 20x1 Accounts receivable $ 51,000 Merchandise inventory $ 70,000 43,000 375,100 65,000 Net sales 360,000 Cost of goods sold 144,000 123,000 Total assets 455,000 420,000 Total shareholders' equity 270,000 240,000 Net income 55,000 43,000 What is Smith's asset turnover for 20x2? (Round your answer to 2 decimal places.) Multiple Choice O O C 0.86. 3.16. 3.32. 2.15.
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