The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Assets Liabilities and Equity Cash $ 61 Accounts payable $224 Accounts receivable (net) 173 Other liabilities 71 Notes receivable 66 Total current liabilities 295 Inventories

The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Assets Liabilities and Equity Cash $ 61 Accounts payable $224 Accounts receivable (net) 173 Other liabilities 71 Notes receivable 66 Total current liabilities 295 Inventories 207 Long-term liabilities 104 Prepaid expenses 32 Total liabilities 399 Total current assets 539 Shareholders' equity: Plant assets (net) 265 Capital stock 132 Retained earnings 273 Total shareholders' equity 405 Total assets $804 Total liabilities and equity $804 Working capital is:

a. $315.

b. $539.

c. $244.

d. $140.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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Related Book For  answer-question

Horngrens Accounting

ISBN: 9780135359785

11th Canadian Edition Volume 2

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood

Posted Date: March 05, 2018 10:56:07