The chief financial officer (CFO) of Wildhorse Co requested that the accounting department prepare a preliminary balance sheet on December 30, 2022, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. Wildhorse Co. Balance Sheet December 30, 2022 Current assets Cash Accounts receivable Prepaid insurance Equipment (net) Total assets Current liabilities Accounts payable Salaries and wages payable Long-term abilities Notes payable Total abilities Stockholders equity Common stock Rusained samines Total aplies and stockholders 49 $26,300 26,700 6,400 $59.400 200,000 51800 201,600 $261.000 $21,000 4 12.000 $33,000 76.400 109400 151,600 $261000

The chief financial officer (CFO) of Wildhorse Co requested that the accounting department prepare a preliminary balance sheet on December 30, 2022, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. Wildhorse Co. Balance Sheet December 30, 2022 Current assets Cash Accounts receivable Prepaid insurance Equipment (net) Total assets Current liabilities Accounts payable Salaries and wages payable Long-term abilities Notes payable Total abilities Stockholders equity Common stock Rusained samines Total aplies and stockholders 49 $26,300 26,700 6,400 $59.400 200,000 51800 201,600 $261.000 $21,000 4 12.000 $33,000 76.400 109400 151,600 $261000

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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