The following partial balance sheet ($ in thousands) for Paisano Seafood Incorporated is shown below. Assets Liabilities and Equity Current assets: Current liabilities: Cash $ 61 Accounts payable $ 237 Accounts receivable (net) 179 Other current liabilities 72 Notes receivable 50 Total current liabilities 309 Inventory 203 Long-term liabilities 97 Prepaid expenses 29 Total liabilities 406 Total current assets 522 Shareholders' equity: Equipment (net) 263 Common stock 149 Retained earnings 230 Total shareholders' equity 379 Total assets $ 785 Total liabilities and equity $ 785 The current ratio is:
The following partial balance sheet ($ in thousands) for Paisano Seafood Incorporated is shown below. Assets Liabilities and Equity Current assets: Current liabilities: Cash $ 61 Accounts payable $ 237 Accounts receivable (net) 179 Other current liabilities 72 Notes receivable 50 Total current liabilities 309 Inventory 203 Long-term liabilities 97 Prepaid expenses 29 Total liabilities 406 Total current assets 522 Shareholders' equity: Equipment (net) 263 Common stock 149 Retained earnings 230 Total shareholders' equity 379 Total assets $ 785 Total liabilities and equity $ 785 The current ratio is:
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 17BEA: Ernst Companys balance sheet shows total liabilities of 32,500,000, total stockholders equity of...
Related questions
Question
The following partial balance sheet ($ in thousands) for Paisano Seafood Incorporated is shown below.
| Assets | Liabilities and Equity | ||
|---|---|---|---|
| Current assets: | Current liabilities: | ||
| Cash | $ 61 | Accounts payable | $ 237 |
| Accounts receivable (net) | 179 | Other current liabilities | 72 |
| Notes receivable | 50 | Total current liabilities | 309 |
| Inventory | 203 | Long-term liabilities | 97 |
| Prepaid expenses | 29 | Total liabilities | 406 |
| Total current assets | 522 | Shareholders' equity: | |
| Equipment (net) | 263 | Common stock | 149 |
| 230 | |||
| Total shareholders' equity | 379 | ||
| Total assets | $ 785 | Total liabilities and equity | $ 785 |
The
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
