What the answer for 21,24, 21. Not 45,000 24. Not 5.44
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What the answer for 21,24,
21. Not 45,000
24. Not 5.44

Transcribed Image Text: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
500,000
Notes payable, due 11 months 75,000
Buildings, net
980,000
Patents
15,000
750.000
Payroll taxes payable
Prepaid expenses
Retained earnings
Common stock
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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