Question

The following information from the 12/31 balance sheet, listed in alphabetical order, regarding ANG Corporation:

Accounts payable	$25,000	Inventory	$145,000
Accounts receivable	33,000	Land	320,000
Automobiles, net	325,000	Long-term investment	450,000
Bond payable	1,000,000	Notes payable, due 11 months	125,000
Buildings, net	780,000	Patents	100,000
Common stock	500,000	Payroll taxes payable	3,500
Cash	75,000	Prepaid expenses	8,500
Income tax payable	36,000	Retained earnings	542,100
Interest payable	5,000	Supplies	100

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)?

Answer 1

Related answers along with draft balance sheet in T shape format

BALANCE SHEET Equity and Liabilities Amount Assets Amount Non Current Assets Equity Retained earnings Common stock $ 5,42,100.00 Land $ 5,00,000.00 Automobiles, net Patents Buildings, net $ 10,00,000.00 Long term investments $ 3,20,000.00 $ 3,25,000.00 $ 1,00,000.00 $ 7,80,000.00 $ 4,50,000.00 Long Term Liabilities Bond payable Current Liabilites Notes payable, due in 11 months Payroll taxes paybles Accounts payable Income tax payable Interest payable Current Assets $ 1,25,000.00 Inventory $ 3,500.00 Supplies $ 25,000.00 Account receivable $ 36,000.00 Prepaid expense $ 5,000.00 Cash $ 1,45,000.00 $ 100.00 $ 33,000.00 $ 8,500.00 $ 75,000.00 Total $ 22,36,600.00 Total $ 22,36,600.00 Answers Current Assets Total Assets Current Liabilities Total Liabilities Total Stakeholder's equity Current Ratio (Current Assets / Current Liabilities) $ 2,61,600.00 $ 22,36,600.00 $ 1,94,500.00 $ 11,94,500.00 $ 10,42,100.00 1.34