Current assets Cash $26,500 Accounts receivable 32,000 Prepaid insurance 6,900 $ 65,400 Equipment (net) 201,700 Total assets $267,100 Current liabilities Accounts payable $ 21,500 Salaries and wages payable 12,000 $ 33,500 Long-term liabi

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Current assets                                     Cash               $26,500 Accounts receivable32,000           

  Prepaid insurance     6,900               $ 65,400 Equipment (net) 201,700

Total assets     $267,100 Current liabilities                                      

  Accounts payable     $ 21,500  Salaries and wages payable            12,000$ 33,500

Long-term liabilities    Notes payable81,900    Total liabilities115,400

Stockholders' equity   Common stock 100,000        Retained earnings51,700                   151,700Total liabilities and stockholders' equity $267,100

Calculate the current ratio and working capital based on the preliminary balance sheet. (Round Current Ratio to 1 decimal place, e.g. 0.7 : 1.

Current ratio   :1

Working capital a

 

    • 5 years ago
    Current assets Cash $26,500 Accounts receivable 32,000 Prepaid insurance 6,900 $ 65,400 Equipment (net) 201,700 Total assets $267,100 Current liabilities Accounts payable $ 21,500 Salaries and wages payable 12,000 $ 33,500 Long-term liabi
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