The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below.Assets Liabilities and Equity Current assets: Current liabilities: Cash$60 Accounts payable$240 Accounts receivable (net) 170 Other current liabilities 80 Notes receivable 50 Total current liabilities 320 Inventory 200 Long-term liabilities 110 Prepaid expenses 25 Total liabilities 430 Total current assets 505 Shareholders' equity: Equipment (net) 255 Common stock 150 Retained earnings 180 Total shareholders' equity 330 Total assets$760 Total liabilities and equity$760 Quick assets total: Multiple Choice $60 thousand. $230 thousand. $280 thousand. $305 thousand.

Solution: Quick assets = Total current assets - Inventory - prepaid expenses

Answered: The following partial balance sheet ($…

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 partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below.

Assets			Liabilities and Equity
Current assets:			Current liabilities:
Cash	$	60	Accounts payable	$	240
Accounts receivable (net)		170	Other current liabilities		80
Notes receivable		50	Total current liabilities		320
Inventory		200	Long-term liabilities		110
Prepaid expenses		25	Total liabilities		430
Total current assets		505	Shareholders' equity:
Equipment (net)		255	Common stock		150
			Retained earnings		180
			Total shareholders' equity		330
Total assets	$	760	Total liabilities and equity	$	760