Use the following data to calculate the current ratio. Cash and cash equivalents Accounts receivable Inventory Prepaid insurance Stock investments Land Buildings Less: Accumulated depreciation Trademarks Total assets $217000 (65000) Blossom Company Balance Sheet December 31, 2022 $75000 90500 148500 86000 177500 197500 152000 135500 $1062500 Accounts payable Salaries and wages payable Bonds payable Total liabilities Common stock Retained earnings Total stockholders equity Total liabilities and stockholders equity $142000 17900 178000 $337900 $222100 502500 $724600 $1062500
Use the following data to calculate the current ratio. Cash and cash equivalents Accounts receivable Inventory Prepaid insurance Stock investments Land Buildings Less: Accumulated depreciation Trademarks Total assets $217000 (65000) Blossom Company Balance Sheet December 31, 2022 $75000 90500 148500 86000 177500 197500 152000 135500 $1062500 Accounts payable Salaries and wages payable Bonds payable Total liabilities Common stock Retained earnings Total stockholders equity Total liabilities and stockholders equity $142000 17900 178000 $337900 $222100 502500 $724600 $1062500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Use the following data to calculate the current ratio.
Cash and cash
equivalents
Accounts receivable
Inventory
Prepaid insurance
Stock investments
Land
Buildings
Less: Accumulated
depreciation
Trademarks
Total assets
$217000
(65000)
Blossom Company
Balance Sheet
December 31, 2022
$75000
90500
148500
86000
177500
197500
152000
135500
$1062500
Accounts payable
Salaries and wages
payable
Bonds payable
Total liabilities
Common stock
Retained earnings
Total stockholders'
equity
Total liabilities and
stockholders
equity
$142000
17900
178000
$337900
$222100
502500
$724600
$1062500
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