Question

In: Accounting

Determine the following at December 31, 2021: 1. Total current assets 2. Short-term investments 3. Retained earnings

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

Cash and cash equivalents ......................................$ 5,000

Accounts receivable (net) .........................................20,000

Inventory .....................................................................60,000

Property, plant, and equipment (net) ....................120,000

Accounts payable .......................................................44,000

Salaries ........................................................................15,000

Paid-in capital ............................................................100,000

The only asset not listed is short-term investments. The only liabilities not listed are $30,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.

Determine the following at December 31, 2021:

1. Total current assets

2. Short-term investments

3. Retained earnings

Expert Solution

1. Total current assets

Current liabilities = $44,000 + $15,000 + $1,000 (accrued interest)

= $60,000

Since the current ratio is 1.5:1, Current assets = 1.5 × $60,000 = $90,000

2. Short-term investments

$90,000 – $5,000 – $20,000 – $60,000 = $5,000

3. Retained earnings

Current assets + Long-term assets = Current liabilities + Long-term liabilities + Paid-in capital + Retained earnings (RE)

$90,000 + $120,000 = $60,000 + $30,000 (notes payable) + $100,000 + RE

RE = $20,000

1. Total current assets = $90,000

2. Short-term investments = $5,000

3. Retained earnings = $20,000

Renze Joy Candido answered 2 years ago

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