Answer:
1.
Total current assets = $112500
2.
Short term investments = $2300
3.
Retained earnings = $15500
Explanation:
1.
The total current assets can be determined using the current ratio provided for 2021. The current ratio is calculated by dividing the value of total current assets by the value of the total current liabilities.
1.5 = Total current assets / (51000 + 23000 + 1000)
1.5 = Total current assets / 75000
1.5 * 75000 = Total current assets
Total current assets = $112500
2.
Short term investments are a part of the current assets. The value of short term investments is,
112500 = 6200 + 32000 + 72000 + Short term investments
112500 = 110200 + Short term investments
112500 - 110200 = Short term investments
Short term investments = $2300
3.
The basic accounting equation states that the total assets is always equal to the value of total liabilities plus total equity.
Total assets = Total Liabilities + Total Equity
(112500 + 180000) = [(51000 + 23000 + 1000) + 42000] + (160000 + Retained earnings)
292500 = 117000 + 160000 + Retained earnings
Retained earnings = 292500 - 277000
Retained earnings = $15500
