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ACCT 382 - Week 3 - Chapter 3 Homework - Question 1

ACCT 382 - Week 3 - Chapter 3 Homework - Question 1
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ACCT 382 - Week 3 - Chapter 3 Homework - Question 1

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Question 1

The following December 31, 2013, fiscal year-end account balance information is available for the Stonebridge Corporation:

 

 

 

 

  Cash and cash equivalents

$

5,000

 

  Accounts receivable (net)

 

20,000

 

  Inventories

 

60,000

 

  Property, plant, and equipment (net)

 

120,000

 

  Accounts payable

 

44,000

 

  Wages payable

 

15,000

 

  Paid-in-capital

 

100,000

 


     The only asset not listed is short-term investments. The only liabilities not listed are a $30,000 note payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.