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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following partial
Assets | Liabilities and Equity | ||||||
Current assets: | Current liabilities: | ||||||
Cash | $ | 60 | Accounts payable | $ | 240 | ||
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 | ||||
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.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps

Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education