Question

The following December 31, 2013, fiscal year-end account balance information is available for the Stonebridge Corporation:

Cash and cash equivalents........ $ 5,000
Accounts receivable (net) ........ 20,000
Inventories ................ 60,000
Property, plant, and equipment (net) .... 120,000
Accounts payable ........... 44,000
Wages payable ............ 15,000
Paid-in-capital ............. 100,000

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, 2013:
1. Total current assets
2. Short-term investments
3. Retained earnings



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  • CreatedDecember 23, 2013
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