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 Required: Determine the following at December 31, 2024: $ 5,000 20,000 60,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 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 1.5:1. 1. Total current assets 2. Short-term investments 3. Retained earnings 120,000 44,000 15,000 100,000
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 Required: Determine the following at December 31, 2024: $ 5,000 20,000 60,000 The only asset not listed is short-term investments. The only liabilities not listed are $30,000 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 1.5:1. 1. Total current assets 2. Short-term investments 3. Retained earnings 120,000 44,000 15,000 100,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 $30,000 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 1.5:1.
Required:
Determine the following at December 31, 2024:
$ 5,000
20,000
60,000
120,000
44,000
15,000
100,000
1. Total current assets
2. Short-term investments
3. Retained earnings
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