Use the following to answer questions 19 – 24The following balance sheet items, listed in alphabeticalorder, are available from the records of BAY Corporationat December 31, 20XD:Accounts payable $25,000Inventory$145,000Accounts receivable 50,000Land225,000Automobiles, net60,000Long-Term investment100,000Bond payableBuildings, net500,000Notes payable, due 11 months 75,000980,000Patents15,000Payroll taxes payablePrepaid expensesRetained earningsCommon stock750,0004,000Cash47,0002,500Income tax payable 13,000255,000Interest payable3,000 Supplies50019. $How much are the current assets?20. $How much are the total assets?21. $How much are the currentliabilities?22. $How much are the total liabilities?23. $How much is the total stockholders'equity?24.What is the current ratio, (round to twodecimal places)?

Name: Use the following to answer questions 19 – 24The following balance sh
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Description: Use the following to answer questions 19 – 24The following balance sheet items, listed in alphabeticalorder, are available from the records of BAY Corporationat December 31, 20XD:Accounts payable $25,000Inventory$145,000Accounts receivable 50,000Lan

Solution Total assets is the assets which include both current assets and non current assets .

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Use the following to answer questions 19 – 24 The following balance sheet items, listed in alphabetical order, are available from the records of BAY Corporation at December 31, 20XD: Accounts payable $25,000 Inventory $145,000 Accounts receivable 50,000 Land 225,000 Automobiles, net 60,000 Long-Term investment 100,000 Bond payable Buildings, net Common stock 500,000 Notes payable, due 11 months 75,000 980,000 Patents 15,000 750,000 Payroll taxes payable Prepaid expenses Retained earnings 4,000 Cash 47,000 2,500 Income tax payable 13,000 255,000 Interest payable 3,000 Supplies 500 19. $ How much are the current assets? 20. $ How much are the total assets? 21. $ How much are the current liabilities? 22. $ How much are the total liabilities? 23. $ How much is the total stockholders' equity? 24. What is the current ratio, (round to two decimal places)?

Use the following to answer questions 19 – 24 The following balance sheet items, listed in alphabetical order, are available from the records of BAY Corporation at December 31, 20XD: Accounts payable $25,000 Inventory $145,000 Accounts receivable 50,000 Land 225,000 Automobiles, net 60,000 Long-Term investment 100,000 Bond payable Buildings, net Common stock 500,000 Notes payable, due 11 months 75,000 980,000 Patents 15,000 750,000 Payroll taxes payable Prepaid expenses Retained earnings 4,000 Cash 47,000 2,500 Income tax payable 13,000 255,000 Interest payable 3,000 Supplies 500 19. $ How much are the current assets? 20. $ How much are the total assets? 21. $ How much are the current liabilities? 22. $ How much are the total liabilities? 23. $ How much is the total stockholders' equity? 24. What is the current ratio, (round to two decimal places)?

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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OFFON

Use the following to answer questions 19 – 24
The following balance sheet items, listed in alphabetical
order, are available from the records of BAY Corporation
at December 31, 20XD:
Accounts payable $25,000
Inventory
$145,000
Accounts receivable 50,000
Land
225,000
Automobiles, net
60,000
Long-Term investment
100,000
Bond payable
Buildings, net
500,000
Notes payable, due 11 months 75,000
980,000
Patents
15,000
Payroll taxes payable
Prepaid expenses
Retained earnings
Common stock
750,000
4,000
Cash
47,000
2,500
Income tax payable 13,000
255,000
Interest payable
3,000 Supplies
500
19. $
How much are the current assets?
20. $
How much are the total assets?
21. $
How much are the current
liabilities?
22. $
How much are the total liabilities?
23. $
How much is the total stockholders'
equity?
24.
What is the current ratio, (round to two
decimal places)?

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