Jensen and Associates has a projected balance sheet that includes the following accounts. What is the...
Jensen and Associates has a projected balance sheet that includes the following accounts. What is the projected marketable securities balance?
|
Cash |
$225,000 |
|
|
Marketable securities |
? |
|
|
Accounts receivable |
680,000 |
|
|
Inventory |
940,000 |
|
|
Non-current assets, net |
1,420,000 |
|
|
Current liabilities |
375,000 |
|
|
Total liabilities |
1,060,000 |
|
|
Total equity |
2,985,000 |
| $0 |
| $1,565,000 |
| $780,000 |
| $1,155,000 |
| None of these answers is correct. |
Homework Answers
Answer
--Correct Answer = Option #3 $ 780,000 = Marketable Securities.
--Steps to be followed for answers.
Steps are based on Accounting Equation: Assets = :Liabilities +
Equity.
--Step 1: Calculate Total Assets
--Step 2: Find Current Assets by deducting non current assets from
Total Assets.
--Step 3: Deduct all given current assets from Total Current Assets
calculated in Step 2 to find Marketable Securities.
| Total Liabilities | $1,060,000 | |
| Total Equity | $2,985,000 | |
| Total Liabilities & Equity [=Total Assets] | $4,045,000 | |
| Less: Non Current Assets | $1,420,000 | |
| Total Current Assets | $2,625,000 | |
| Less: | ||
| Cash | $225,000 | |
| Accounts receivables | $680,000 | |
| Inventory | $940,000 | $1,845,000 |
| Marketable Securities | $780,000 |
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