Using the Balance Sheet given below, answer 1 through 5 ...
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Accounting
Using the Balance Sheet given below, answer 1 through 5
| Cain Auto Supplies | ||||
| Balance Sheet | ||||
| December 31, 2016 | ||||
|
|
|
|
|
|
| Cash | $ 80,000 |
| Accounts payable | $ 76,000 |
| Prepaid Insurance | 36,000 |
| Interest payable | 22,000 |
| Accounts Receivable (Net) | 60,000 |
| Mortgage payable | 216,000 |
| Inventory | 204,000 |
| Total Liabilities | 314,000 |
| Land held for investment | 96,000 |
|
|
|
| Land | 90,000 |
| Common Stock | $ 144,000 |
| Building and Equipment | 132,000 |
| Retained Earnings | 300,000 |
| Less accumulated depreciation | (24,000) |
| Total stockholders equity | 444,000 |
| Trademark | 34,000 |
|
|
|
| Copyright | 30,000 |
| Total Liabilities & |
|
| Total Assets | $ 758,000 |
| Stockholder Equity | $ 758,000 |
#1: - calculate current assets?
- $176,000
- $380,000
- $476,000
- $318,000
#2: - calculate Plant, Property and Equipment?
- $96,000
- $318,000
- $222,000
- $198,000
#3: - calculate Intangible assets?
- $96,000
- $64,000
- $30,000
- $34,000
#4: - calculate current liabilities?
- $98,000
- $76,000
- $22,000
- $314,000
#5: - calculate current ratio?
- 0.82
- 1.80
- 3.88
- 1.00
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