Find missing values on balance sheet (Learning Objective 4)

A skeleton of Heirloom Mills’ balance sheet appears as follows (amounts in thousands):

Use the following ratio data to complete Heirloom Mills’ balance sheet:

a. Current ratio is 0.70.

b. Acid-test ratio is 0.30.

Cash.... Receivables........... HEIRLOOM MILLS Balance Sheet December 31, 2007 $ 50 Total current liabilities.............. $2,100 (a) Long-term note Inventories. 750 payable............... (e) Prepaid expenses. (b) Other long-term liabilities. 820 Total current assets (c) Plant assets, net................... (d) Stockholders' equity. 2,400 Other assets......... Total assets 2,150 Total liabilities and $6,800 equity..... (f)