The classified balance sheet for a company reported current assets of $1,624,125, total liabilities of $810,540,...
The classified balance sheet for a company reported current assets of $1,624,125, total liabilities of $810,540, common stock of $1,110,000, and retained earnings of $141,260. The current ratio was 2.5. Which of the following statements is not correct?
1. Total Assets are $2,061,800.
2. Total Stockholders’ equity is $1,251,260.
3. Noncurrent liabilities are $141,260.
4The amount of current assets is 2.5 times the amount of current liabilities.
Homework Answers
Total stockholders equity=Common stock+Retained earnings
=(1,110,000+141260)=$1,251,260
Total assets=Total stockholders equity+Total liabilities
=$1,251,260+$810,540=$2,061,800
Current ratio=Current assets/Current liabilities
Hence Current assets=2.5*Current liabilities.
Current liabilities=(1,624,125/2.5)=$649,650
Non current liabilities=Total liabilities-Current liabilities
=810,540-649,650=$160,890.
Hence statement 3 is not correct.
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