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Home/ Questions/1/The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Assets...
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lyytutoria
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Asked: April 13, 20222022-04-13T09:25:54+00:00 2022-04-13T09:25:54+00:00In: Accounting

1/The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Assets…

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1/The following partial balance sheet ($ in thousands) for Paisano Seafood Inc is shown below.

Assets Liabilities and Equity
Current assets: Current liabilities:
Cash $ 75 Accounts payable $ 232
Accounts receivable (net) 186 Other liabilities 72
Notes receivable 57 Total current liabilities 304
Inventories 212 Long-term liabilities 103
Prepaid expenses 41 Total liabilities 407
Total current assets 571 Shareholders’ equity:
Plant assets (net) 267 Capital stock 130
Retained earnings 301
Total shareholders’ equity 431
Total assets $ 838 Total liabilities and equity $ 838

The current ratio is (Round your answer to two decimal places.):

Multiple Choice

  • 2.14.

  • 1.88.

  • 0.68.

  • 1.40.

2/ Janson Corporation Co.’s trial balance included the following account balances at December 31, 2018:

Accounts receivable $13,100
Inventories 42,000
Patent 13,500
Investments 31,500
Prepaid insurance 7,400
Note receivable, due 2021 50,900

Investments consist of treasury bills that were purchased in November, 2018 and mature in January, 2019. Prepaid insurance is for two years. What amount should be included in the current asset section of Janson’s December 31, 2018, balance sheet?

Multiple Choice

  • $ 94,000.

  • $ 58,800.

  • $ 90,300.

  • $ 141,200

3/ Recent financial statement data for Harmony Health Foods (HHF) Inc. is shown below.

Current liabilities $ 180 Income before interest and taxes $ 125
10% Bonds, long-term 350 Interest expense 35
Total liabilities 530 Income before tax 90
Shareholders’ equity Income tax 26
Capital stock 220 Net income $ 64
Retained earnings 283
Total shareholders’ equity 503
Total liabilities and equity $ 1,033

HHF’s long-term debt to equity ratio equity is:

Multiple Choice

  • 143.7%.

  • 0.0%.

  • 159.1%.

  • 69.6%.

♦ Relevant knowledge

Assets are the future financial resources of a business. Assets are listed on the balance sheet of a company and are usually classified as non-current or current based on the date they are expected to be converted into cash or used.

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    Jake Roy
    2022-04-13T09:27:06+00:00Added an answer on April 13, 2022 at 9:27 am

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