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The adjusted trial balance for Marigold at December 31, 2019, contains the following accounts. Debit Credit...

The adjusted trial balance for Marigold at December 31, 2019, contains the following accounts.

Debit

Credit

Buildings

 $128,100

Common Stock

 $93,550

Accounts Receivable

 14,000

Retained Earnings

 25,750

Prepaid Insurance

 4,100

Accumulated Depreciation—Buildings

 43,100

Cash

 19,600

Accounts Payable

 11,600

Equipment

 62,000

Notes Payable

 96,100

Land

 68,500

Accumulated Depreciation—Equipment

 17,400

Insurance Expense

 500

Interest Payable

 2,300

Depreciation Expense

 6,600

Service Revenue

 15,900

Interest Expense

 2,300   
$305,700

$279,950

Prepare a classified balance sheet; assume that $21,000 of the note payable will be paid in 2020.

By how much does current assets exceed current liabilities?

Current assets exceed current liabilities by $enter a dollar amount  .


What percentage of current assets are in the form of cash? (Round answer to 2 decimal places, e.g. 15.25%.)

Percentage of current assets in the form of cash enter percentages rounded to 2 decimal places %.


Determine the company's liquidity.

Current assets exceed current liabilities by how much______

What percentage of current assets are in the form of cash? (Round answer to 2 decimal places, e.g. 15.25%.)

Percentage of current assets in the form of cash________%

Determine the company's liquidity_________

Solutions

Expert Solution

1 Marigold
Balance Sheet
December 31, 2019
Assets
Current Assets
Cash         19,600
Accounts Receivable         14,000
Prepaid Insurance          4,100
Total current assets      37,700
Property, plant, and equipment
Land         68,500
Building      128,100
Less: Accumulated Depreciation - Building       43,100         85,000
Equipment       62,000
Less: Accumulated Depreciation - Equipment       17,400         44,600    198,100
Total Assets 235,800
Liabilities and Stockholders' Equity
Current Liabilities
Accounts Payable         11,600
Notes Payable         21,000
Interest Payable          2,300
Total Current Liabilities      34,900
Long Term Liabilities
Notes Payable      75,100
Total Liabilities    110,000
Stockholders' Equity
Common Stock         93,500
Retained Earnings         32,300
Total Stockholders' Equity    125,800
Total Liabilities and Stockholders' Equity 235,800
2 Current assets exceed current liabilities by         2,800
Percentage of current assets in the form of cash 51.99%
Reasonably good

ekkarill92 answered 3 years ago
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