Lyall Mills balance sheet appears as follows (amounts in thousands): Use the following ratio data to complete
Question:
Lyall Mills’ balance sheet appears as follows (amounts in thousands):
Use the following ratio data to complete Lyall Mills’ balance sheet.
1. Current ratio is 0.80.
2. Acid-test ratio is 0.40.
Transcribed Image Text:
Assets Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Total Current Assets Plant Assets, Net Other Assets Total Assets LYALL MILLS Balance Sheet December 31, 2025 Liabilities $ 75 Total Current Liabilities (a) Long-term Notes Payable 750 Other Long-term Liabilities Total Liabilities (b) (c) Stockholders' Equity $1,900 (e) 980 (f) (d) 2,000 Stockholders' Equity 2,325 $ 6,800 Total Liabilities and Stockholders' Equity $ (g)
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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780137858651
8th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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