The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable Salaries payable Paid-in capital The only asset not listed is short-term investments. The only liabilities not listed are $36,000 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: 1. Total current assets 2. Short-term investments 3. Retained earnings $ EA $ EA $ 99,200 1,600 $ 5,600 26,000 66,000 150,000 45,000 17,000 130,000 21,800

The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable Salaries payable Paid-in capital The only asset not listed is short-term investments. The only liabilities not listed are $36,000 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: 1. Total current assets 2. Short-term investments 3. Retained earnings $ EA $ EA $ 99,200 1,600 $ 5,600 26,000 66,000 150,000 45,000 17,000 130,000 21,800

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

The following December 31, 2024, fiscal year-end account balance
information is available for the Stonebridge Corporation:
Cash and cash equivalents
Accounts receivable (net)
Inventory
Property, plant, and equipment (net)
Accounts payable
Salaries payable
Paid-in capital
The only asset not listed is short-term investments. The only liabilities not
listed are $36,000 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:
1. Total current assets
2. Short-term investments
3. Retained earnings
$
EA
$
EA
$
99,200
1,600
$ 5,600
26,000
66,000
150,000
45,000
17,000
130,000
21,800

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