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Ny VOIN Exercise 3-1 (Algo) Balance sheet; missing elements [LO3-2, 3-3, 3-8) The following December 31, 2021, fiscal year-en

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Answer #1

1.

Total Current liabilities = Accounts payable + salaries payable + Accrued interest

= $56,000 + $17,000 + $1,000

= $74,000

Current ratio = 1.7 : 1

Total Current assets = 1.7 * Total Current liabilities

= 1.7 * $74,000

= $125,800

2.

Short - term investments = Total current assets - cash and cash equivalents - Accounts receivable - Inventory

= $125,800 - $6,700 - $37,000 - $77,000

= $5,100

3.

Total assets = Total Current Assets + Property, plant and equipment

= $125,800 + $205,000

= $330,800

Retained earnings = Total assets - Accounts payable - salaries payable - paid in capital - notes payable - accrued interest

= $330,800 - $56,000 - $17,000 - $185,000 - $47,000 - $1,000

= $24,800

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