Rustin Craft discovered a piece of wet and partially burned after his office was destroyed by fire. He could recall a current ratio of 1.75 and a debt to assets ratio of 45 percent.
Assets
Current assets
Cash…………………………………………………………….. $ 150,000
Accounts receivable……………………………………………………. (A)
Inventory…………………………………………………………. 252,000
Prepaid expenses…………………………………………………… 54,000
Total current assets…………………………………………………….. (B)
Long-term assets
Building………………………………………………………………… (C)
Less: Accumulated depreciation………………………………… (180,000)
Total long-term assets…………………………………………… 1,080,000
Total assets…………………………………………………………… $ (D)
Liabilities and Stockholders’ Equity
Liabilities
Current liabilities
…………………………………………..$ 252,000
Notes payable……………………………………………………… (E)
Income tax payable…………………………………………… 108,000
Total current liabilities………………………………………… 480,000
Long-term liabilities
Bonds payable…………………………………………………. 270,000
Mortgage payable…………………………………………………… (F)
Total liabilities…………………………………………………….. (G)
Stockholders’ equity
Common stock……………………………………………….. 540,000
Retained earnings…………………………………………………. (H)
Total stockholders’ equity………………………………………….. (I)
Total liabilities and stockholders’ equity …………………………..$(J)
Required
Complete the by supplying the missing amounts.
Enjoy 24/7 customer support for any queries or concerns you have.
Phone: +1 213 3772458
Email: support@gradeessays.com