The following partial balance sheet ($ in thousands) for Paisano Seafood Incorporated is shown below. Assets Liabilities and Equity Current assets: Current liabilities: Cash $ 65 Accounts payable Accounts receivable (net) Notes receivable 178 57 Other current liabilities Inventory 211 Prepaid expenses 42 Total current assets 553 Equipment (net) 262 Common stock Total assets The acid-test ratio is: $ 815 Total current liabilities Long-term liabilities Total liabilities Shareholders' equity: Retained earnings 130 298 428 Total liabilities and equity $ 815 Total shareholders' equity $ 228 67 295 92 387 Note: Round your answer to 2 decimal places.
The following partial balance sheet ($ in thousands) for Paisano Seafood Incorporated is shown below. Assets Liabilities and Equity Current assets: Current liabilities: Cash $ 65 Accounts payable Accounts receivable (net) Notes receivable 178 57 Other current liabilities Inventory 211 Prepaid expenses 42 Total current assets 553 Equipment (net) 262 Common stock Total assets The acid-test ratio is: $ 815 Total current liabilities Long-term liabilities Total liabilities Shareholders' equity: Retained earnings 130 298 428 Total liabilities and equity $ 815 Total shareholders' equity $ 228 67 295 92 387 Note: Round your answer to 2 decimal places.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following partial balance sheet ($ in thousands) for Paisano Seafood Incorporated is shown below.
Assets
Liabilities and Equity
Current assets:
Current liabilities:
Cash
$ 65
Accounts payable
Accounts receivable (net)
Notes receivable
178
57
Other current liabilities
Inventory
211
Prepaid expenses
42
Total current assets
553
Equipment (net)
262
Common stock
Total current liabilities
Long-term liabilities
Total liabilities
Shareholders' equity:
Retained earnings
Total shareholders' equity
Total assets
$ 815
$ 228
67
295
92
387
130
298
428
Total liabilities and equity
$ 815
The acid-test ratio is:
Note: Round your answer to 2 decimal places.
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