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2 years ago

The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation:

Business

1 answer:

Gnoma [55]2 years ago

4 0

Answer and Explanation:

The calculations are given below:

1. Total current assets

we know that

Current ratio = Current assets ÷ current liabilities

where,

Current liabilities is

= Accounts payable + Accrued interest + Salaries payable

= $47,000 + $1,000 + $19,000

= $67,000

And,

Current ratio = 1.6:1

So,

Total current assets is

= 1.6 × $67,000

= $107,200

b. Short term investment is

Short term investment = Total current assets - Cash and cash equivalents - Accounts receivables - Inventories

= $107,200 - ($5,800 + $28,000 + $68,000)

= $5,400

c. Now retained earning is

Total assets

= Total current assets + Property, plant and equipment

= $107,200 + $160,000

= $267,200

Total liabilities is

= Current liabilities + Notes payable

= $67,000 + $38,000

= $105,000

Now Retained earnings is

= Total assets - Total liabilities - Paid in capital

= $267,200 - $105,000 - $140,000

= $22,200

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