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TRADITIONAL MILLS Balance Sheet December 31, 2018 Assets Liabilities Cash 45 Total Current Liabilities $2,500 Accounts Receivables (e) (a) Long-term Note Payable 800 Other Long-term Liabilities Merchandise Inventory 760 Prepaid Expenses (b) Total Liabilities Total Current Assets (e) Plant Assets, Net (d) Stockholders' Equity Other Assets 2,490 Stockholders' Equity 2,450 Total Assets $7,000 Total Liabilities and Stockholders' Equity

TRADITIONAL MILLS Balance Sheet December 31, 2018 Assets Liabilities Cash 45 Total Current Liabilities $2,500 Accounts Receivables (e) (a) Long-term Note Payable 800 Other Long-term Liabilities Merchandise Inventory 760 Prepaid Expenses (b) Total Liabilities Total Current Assets (e) Plant Assets, Net (d) Stockholders' Equity Other Assets 2,490 Stockholders' Equity 2,450 Total Assets $7,000 Total Liabilities and Stockholders' Equity

Managerial Accounting: The Cornerstone of Business Decision-Making
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...
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Using ratios to reconstruct a balance sheet

Traditional Mills’s balance sheet appears as Follows amounts in thousands:

Use the following ratio data to complete Traditional Mills’s balance sheet.

  1. Current ratio is 0.72.
  2. Acid-test ratio is 0.36.
TRADITIONAL MILLS Balance Sheet December 31, 2018 Assets Liabilities Cash 45 Total Current Liabilities $2,500 Accounts Receivables (e) (a) Long-term Note Payable 800 Other Long-term Liabilities Merchandise Inventory 760 Prepaid Expenses (b) Total Liabilities Total Current Assets (e) Plant Assets, Net (d) Stockholders' Equity Other Assets 2,490 Stockholders' Equity 2,450 Total Assets $7,000 Total Liabilities and Stockholders' Equity
Transcribed Image Text:TRADITIONAL MILLS Balance Sheet December 31, 2018 Assets Liabilities Cash 45 Total Current Liabilities $2,500 Accounts Receivables (e) (a) Long-term Note Payable 800 Other Long-term Liabilities Merchandise Inventory 760 Prepaid Expenses (b) Total Liabilities Total Current Assets (e) Plant Assets, Net (d) Stockholders' Equity Other Assets 2,490 Stockholders' Equity 2,450 Total Assets $7,000 Total Liabilities and Stockholders' Equity
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