PA2-3
Balance Sheet | ||
Assets | ||
Current assets | ||
Cash | $ 19 | |
Accounts receivable (net) | $ 10 | |
Inventory | $ 190 | |
Prepaid Rent | $ 24 | |
Total current assets | $ 243 | |
Property, plant, and equipment | ||
Equipment | $ 443 | |
Net property, plant, and equipment | $ 443 | |
Intangible assets | ||
Software | $ 45 | |
Total assets | $ 731 | |
Liabilities and Shareholders' Equity | ||
Current liabilities | ||
Accounts payable | $ 109 | |
Notes payable (short-term) | $ 13 | |
Salaries and Wages Payable | $ 23 | |
Total current liabilities | $ 145 | |
Long-term liabilities | ||
Notes payable (long-term) | $ 170 | |
Total liabilities | $ 315 | |
Shareholders' equity | ||
Common stock | $ 396 | |
Retained earnings | $ 20 | |
Total shareholders' equity | $ 416 | |
Total liabilities and shareholders' equity | $ 731 |
S2-1
1.
Answer is d. Option D
2.
Answer is b. $42966 = $38633 + $4333
3.
Current Ratio = Current Assets / Current Liabilities
= $17724 / 14133 = 1.25
Answer is b. 1.25
4.
Answer is a.
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3 Required information of 6 PA2-3 Recording Transactions in a Journal and T-Accounts); Preparing and Interpreting...
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