The following partial balance sheet ($ in thousands) for Paisano Seafood Incorporated is shown below. Assets Liabilities and Equity Current assets: Current liabilities: Cash $ 61 Accounts payable $ 237 Accounts receivable (net) 179 Other current liabilities 72 Notes receivable 50 Total current liabilities 309 Inventory 203 Long-term liabilities 97 Prepaid expenses 29 Total liabilities 406 Total current assets 522 Shareholders' equity: Equipment (net) 263 Common stock 149 Retained earnings 230 Total shareholders' equity 379 Total assets $ 785 Total liabilities and equity $ 785 The current ratio is:
The following partial balance sheet ($ in thousands) for Paisano Seafood Incorporated is shown below. Assets Liabilities and Equity Current assets: Current liabilities: Cash $ 61 Accounts payable $ 237 Accounts receivable (net) 179 Other current liabilities 72 Notes receivable 50 Total current liabilities 309 Inventory 203 Long-term liabilities 97 Prepaid expenses 29 Total liabilities 406 Total current assets 522 Shareholders' equity: Equipment (net) 263 Common stock 149 Retained earnings 230 Total shareholders' equity 379 Total assets $ 785 Total liabilities and equity $ 785 The current ratio is:
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 Incorporated is shown below.
Assets | Liabilities and Equity | ||
---|---|---|---|
Current assets: | Current liabilities: | ||
Cash | $ 61 | Accounts payable | $ 237 |
179 | Other current liabilities | 72 | |
Notes receivable | 50 | Total current liabilities | 309 |
Inventory | 203 | Long-term liabilities | 97 |
Prepaid expenses | 29 | Total liabilities | 406 |
Total current assets | 522 | Shareholders' equity: | |
Equipment (net) | 263 | Common stock | 149 |
230 | |||
Total shareholders' equity | 379 | ||
Total assets | $ 785 | Total liabilities and equity | $ 785 |
The
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