The following partial balance sheet ($ in thousands) for Paisano Seafood Incorporated is shown below.Assets Liabilities and Equity Current assets: Current liabilities: Cash$ 76Accounts payable$ 235Accounts receivable (net)181Other current liabilities69Notes receivable59Total current liabilities304Inventory210Long-term liabilities106Prepaid expenses25Total liabilities410Total current assets551Shareholders' equity: Equipment (net)267Common stock140 Retained earnings268 Total shareholders' equity408Total assets$ 818Total liabilities and equity$ 818Working capital is:

Working capital = Current assets - Current liabilities

Answered: The following partial balance sheet ($…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following partial balance sheet ($ in thousands) for Paisano Seafood Incorporated is shown below.

Assets		Liabilities and Equity
Current assets:		Current liabilities:
Cash	$ 76	Accounts payable	$ 235
Accounts receivable (net)	181	Other current liabilities	69
Notes receivable	59	Total current liabilities	304
Inventory	210	Long-term liabilities	106
Prepaid expenses	25	Total liabilities	410
Total current assets	551	Shareholders' equity:
Equipment (net)	267	Common stock	140
		Retained earnings	268
		Total shareholders' equity	408
Total assets	$ 818	Total liabilities and equity	$ 818

Working capital is:

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