Question

In: Accounting

Determine the following at December 31, 2011: 1. Total current assets 2. Short-term investments 3. Retained earnings

The following December 31, 2011, fiscal year-end account balance information is available for the Stonebridge Corporation:

The only asset not listed is short-term investments. The only liabilities not listed are a $30,000 note 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.

Required:

Determine the following at December 31, 2011:

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)

Current liabilities= $60,000

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

2. Short-term investments

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

3. Retained earnings

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

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

RE = $20,000

Total current assets = $90,000

Short-term investments = $5,000

Retained earnings = $20,000

Renze Joy Candido answered 2 years ago

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