Financial information related to Montana Interiors for October and November 20Y8 are as follows: Line Item Description October 31, 20Y8 November 30, 2018 Accounts Payable $66,100 Accounts Receivable 146,100 $71,400 167,900 Capital Stock Retained earnings 130,000 170,000 Cash 257,800 437,600 Supplies 12,900 10,700 Prepare a balance sheet for Montana Interiors as of October 31, 20Y8.

Financial information related to Montana Interiors for October and November 20Y8 are as follows: Line Item Description October 31, 20Y8 November 30, 2018 Accounts Payable $66,100 Accounts Receivable 146,100 $71,400 167,900 Capital Stock Retained earnings 130,000 170,000 Cash 257,800 437,600 Supplies 12,900 10,700 Prepare a balance sheet for Montana Interiors as of October 31, 20Y8.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

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E9-6 Current Position Analysis Obj. 3 .................. The following data were taken from the comparative balance sheet of Icon Living, Inc., for the years ended December 31, 20Y9 and December 31, 20Y8: Cash Temporary investments Accounts and notes receivable (net) Inventories Prepaid expenses Total current assets Accounts payable Accrued liabilities Total current liabilities ▸ Details Dec. 31, 20Y9 $ 75,000 125,000 250,000 425,000 25,000 $ 900,000 $ 350,000 25,000 $ 375,000 Dec. 31, 2018 $ 50,000 75,000 200,000 305,000 20,000 $ 650,000 $ 230,000 20,000 $ 250,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. b. What conclusions can be drawn from these data?
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