At Westonci.ca, we provide clear, reliable answers to all your questions. Join our vibrant community and get the solutions you need. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.
Sagot :
Answer:
1. $90,000
2. $5,000
3. $20,000
Explanation:
1. Calculation to Determine the Total current assets
First step is to calculate the Total current liabilities using this formula
Total current liabilities=Accounts payable + Wages payable + Accrued Interest
Let plug in the formula
Total current liabilities=$44,000 + $15,000 + $1,000
Total current liabilities= $60,000
Now let calculate the Total current assets using ratio 1.5
Total current assets =1.5 × $60,000 x 1.5
Total current assets=$90,000
Therefore the Total current assets will be 90,000
2. Calculation to Determine the Short term investments using this formula
Short term investments=Total current assets - Cash - Accounts receivable - Inventories
Let plug in the formula
Short term investments=$90,000 - $5,000 - $20,000 - $60,000
Short term investments= $5,000
Therefore the Short term investments will be $5,000
3. Calculation to Determine the Retained earnings
First step is to calculate the Total Assets
Cash and cash equivalents $5,000
Add Accounts receivable (net) $20,000
Add Inventories $60,000
Add Short term investments $5,000
Add Property, plant, and equipment (net) 120,000
TOTAL ASSETS $210,000
Now let calculate the Retained Earnings
Total Assets $210,000
Less Accounts payable ($44,000)
Less Salaries payable ($15,000)
LessAccrued interest ($1,000)
Less Notes payable ($30,000)
Less Paid-in capital ($100,000)
RETAINED EARNINGS $20,000
Therefore the Retained Earnings will be $20,000
The following answer of "The Stonebridge Corporation" at December 31, 2021:
- Total current assets will be 90,000
- Short term investments will be $5,000
- Retained Earnings will be $20,000
"The Stonebridge Corporation"
Answer 1:
Total current assets
- Total current liabilities=Accounts payable + Wages payable + Accrued Interest
- Total current liabilities=$44,000 + $15,000 + $1,000
- Total current liabilities= $60,000
Total current assets=$90,000
- Total current assets using ratio 1.5
- Total current assets =1.5 × $60,000 x 1.5
- Total current assets=$90,000
Therefore, the Total current assets is 90,000.
Answer 2:
Short term investments
- Short term investments=Total current assets - Cash - Accounts receivable - Inventories
- Short term investments=$90,000 - $5,000 - $20,000 - $60,000
- Short term investments= $5,000
Thus, the Short term investments is $5,000.
Answer 3:
Retained Earnings
- Total Assets $210,000
- Less Accounts payable ($44,000)
- Less Salaries payable ($15,000)
- LessAccrued interest ($1,000)
- Less Notes payable ($30,000)
- Less Paid-in capital ($100,000)
Retained earnings$20,000
Working Notes:
Cash and cash equivalents $5,000
- Add Accounts receivable (net) $20,000
- Add Inventories $60,000
- Add Short term investments $5,000
- Add Property, plant, and equipment (net) 120,000
Total Assets $210,000
Thus, the Retained Earnings is $20,000.
Learn more about "Accounting ratio" :
https://brainly.com/question/15170803?referrer=searchResults
Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.
