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Determine the following at December 31, 2024:

Determine the following at December 31, 2024:

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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Question 11 The following December 31, 2024, fiscal year-end account balance information is available for the XYZ Corporation: Cash and cash equivalents Accounts receivable (net) $ 5,800 28,000 68,000 Inventory Property, plant, and equipment (net) 160,000 Accounts payable 47,000 Salaries payable 19,000 Paid-in capital 140,000 The only asset not listed is short-term investments. The only liabilities not listed are $38,000 notes payable due in two years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.6:1. Required: Determine the following at December 31, 2024: • Total Current assets: • Short-term investments • Retained earnings
Transcribed Image Text:Question 11 The following December 31, 2024, fiscal year-end account balance information is available for the XYZ Corporation: Cash and cash equivalents Accounts receivable (net) $ 5,800 28,000 68,000 Inventory Property, plant, and equipment (net) 160,000 Accounts payable 47,000 Salaries payable 19,000 Paid-in capital 140,000 The only asset not listed is short-term investments. The only liabilities not listed are $38,000 notes payable due in two years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.6:1. Required: Determine the following at December 31, 2024: • Total Current assets: • Short-term investments • Retained earnings
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