These financial statement items are for Ivanhoe Company at year-end, July 31, 2022. Salaries and wages payable $ 3,900 Salaries and wages expense 59,300 Supplies expense 16,900 Equipment 16,580 Accounts payable 3,500 Service revenue 67,900 Rent revenue 9,800 Notes payable (due in 2025) 3,000 Common stock 16,000 Cash 35,620 Accounts receivable 11,000 Accumulated depreciation-equipment 7,900 Dividends 4,000 Depreciation expense 4,000 Retained earnings (beginning of the year) 35,400
These financial statement items are for Ivanhoe Company at year-end, July 31, 2022. Salaries and wages payable $ 3,900 Salaries and wages expense 59,300 Supplies expense 16,900 Equipment 16,580 Accounts payable 3,500 Service revenue 67,900 Rent revenue 9,800 Notes payable (due in 2025) 3,000 Common stock 16,000 Cash 35,620 Accounts receivable 11,000 Accumulated depreciation-equipment 7,900 Dividends 4,000 Depreciation expense 4,000 Retained earnings (beginning of the year) 35,400
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:These financial statement items are for Ivanhoe Company at year-end, July 31, 2022.
Salaries and wages payable
$ 3,900
Salaries and wages expense
59,300
Supplies expense
16,900
Equipment
16,580
Accounts payable
3,500
Service revenue
67,900
Rent revenue
9,800
Notes payable (due in 2025)
3,000
Common stock
16,000
Cash
35,620
Accounts receivable
11,000
Accumulated depreciation-equipment
7,900
Dividends
4,000
Depreciation expense
4,000
Retained earnings (beginning of the year)
35,400
Transcribed Image Text:Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.)
IVANHOE COMPANY
Balance Sheet
Assets
$
$
$
Liabilities and Stockholders' Equity
$
$
eTextbook and Media
List of Accounts
X Your answer is incorrect.
Compute the current ratio and debt to assets ratio. (Round answers to 1 decimal place, e.g. 15.2.)
Current ratio
:1
Debt to assets ratio
%
Expert Solution
Introduction
The balance sheet is the most important financial report that represents a financial position of a business entity. It shows what resources are owned by the business (i.e., assets) and also what it owes to outsiders and owners (I.e., liabilities and stockholders' equity.
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