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The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation:
Cash and cash equivalents Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable Salaries payable Paid-in capital $ 5,400 24,000 64,000 140,000 43,000 15,000 120,000
The only asset not listed is short-term investments. The only liabilities not listed are $34,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.7.1.
Required: Determine the following at December 31, 2021:
1. Total current assets
2. Short-term investments
3. Retained earnings

Respuesta :

Tundexi

Answer:

1. Given Current Ratio = 1.7:1

Current assets / Current Liability = 1.7/1

Current assets = 1.7 * Current liability

Current liabilities = Account payable + Salaries payable + Accured interest

Current liabilities = $43,000 + $15,000 + $1,000

Total Current liabilities = $59,000

Therefore, Current assets = 1.7 * $59,000

Total Current assets = $100,300

2. Current assets = Cash and Cash equivalent + Account receivables + Inventory + Short term investment

$100,300 = $5,400 + $24,000 + $64,000 + Short term investment

Short term investment = $100,300 - $5,400 - $24,000 - $64,000

Short term investment = $6,900

3. Assets = Liabilities + Capital

Current assets + Non-Current assets = Current liabilities + Long term liabilities + Paid in capital + Retained earnings

$100,300 + $140,000 = $59,000 + $120,000 + Retained earnings

$240,300 = $213,000 + Retained earnings

Retained earnings = $27,300

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