(dollars in thousands) Assets: Liabilities: Cash $69 Accounts payable $ 246 Accounts receivable (net) 178 Other liabilities 90 Investments 58 Total current liabilities 336 Inventory 200 Long-term liabilities 119 Prepaid rent 31 Total liabilities 455 Total current assets 536 Stockholders' equity: Property & Equipment, (net) 266 Common stock 154 Retained earnings 193 Total stockholders' equity 347 Total assets $802 Total liabilities and equity $802 ne current ratio is: (Round your answer to 2 decimal places.)
(dollars in thousands) Assets: Liabilities: Cash $69 Accounts payable $ 246 Accounts receivable (net) 178 Other liabilities 90 Investments 58 Total current liabilities 336 Inventory 200 Long-term liabilities 119 Prepaid rent 31 Total liabilities 455 Total current assets 536 Stockholders' equity: Property & Equipment, (net) 266 Common stock 154 Retained earnings 193 Total stockholders' equity 347 Total assets $802 Total liabilities and equity $802 ne current ratio is: (Round your answer to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Practice Pack
Please answer both. This is part A and B
Transcribed Image Text:A partlal balance sheet for Captain D's Sportswear Is shown below.
(dollars in thousands)
Assets:
Liabilities:
Cash
$69
Accounts payable
$246
Accounts receivable (net)
178
Other liabilities
90
Investments
58
Total current liabilities
336
Inventory
200
Long-term liabilities
119
Prepaid rent
31
Total liabilities
455
Total current assets
536
Stockholders' equity:
Property & Equipment, (net)
266
Common stock
154
Retained earnings
193
Total stockholders’ equity
347
Total assets
$ 802
Total liabilities and equity
$ 802
ne current ratio is: (Round your answer to 2 decimal places.)
Multiple Cholce
2.68.
118.
1.60.
0.67
Transcribed Image Text:Tony Hawk's Adventure (THA) Issued callable bonds on January 1, 2021. THA's accountant has projected the followIng amortization schedule from Issuance until maturity:
Interest
Increase in
Carrying
Date
Cash Paid
Expense
Carrying Value
Value
01/01/2021
$ 209,182
06/30/2021
12/31/2021
06/30/2022
12/31/2022
06/30/2023
12/31/2023
$11,000
11,000
11,000
11,000
11,000
11,000
$12,551
12,644
12,743
12,847
12,958
13,075
$1,551
1,644
1,743
1,847
1,958
2,075
210,733
212,377
214,120
215,967
217,925
220,000
THA buys back the bonds for $210,727 immediately after the Interest payment on 12/31/2021 and retires them. What gain or loss, If any, would THA record on this date?
Multiple Cholce
No gain or loss.
$1,650 galn.
$1,545 loss.
$9.273 galn.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Includes step-by-step video
Learn your way
Includes step-by-step video
Step by step
Solved in 4 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