The following December 31, 2021, 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 $31,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.7:1.

Required:

Determine the following at December 31, 2021:

1. Total current assets.

2. Short-term investments.

3. Retained earnings.

Transcribed Image Text:

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

Answer rating: 100% (QA)

1 Total Current Assets Current Liabilities Accounts payable Salaries payable ... View the full answer