The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 6,400 Accounts receivable (net) 34,000 Inventory 74,000 Property, plant, and equipment (net) 190,000 Accounts payable 53,000 Salaries payable 14,000 Paid-in capital 170,000 The only asset not listed is short-term investments. The only liabilities not listed are $44,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.8:1. Required: Determine the following at December 31, 2021: Total Current Asset? Short Term Investment? Retained Earnings?
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 6,400 Accounts receivable (net) 34,000 Inventory 74,000 Property, plant, and equipment (net) 190,000 Accounts payable 53,000 Salaries payable 14,000 Paid-in capital 170,000 The only asset not listed is short-term investments. The only liabilities not listed are $44,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.8:1. Required: Determine the following at December 31, 2021: Total Current Asset? Short Term Investment? Retained Earnings?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation:
| Cash and cash equivalents | $ | 6,400 | |
| 34,000 | |||
| Inventory | 74,000 | ||
| Property, plant, and equipment (net) | 190,000 | ||
| Accounts payable | 53,000 | ||
| Salaries payable | 14,000 | ||
| Paid-in capital | 170,000 | ||
The only asset not listed is short-term investments. The only liabilities not listed are $44,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The
Required:
Determine the following at December 31, 2021:
Total Current Asset?
Short Term Investment?
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