The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $5,800
Accounts receivable (net) 28,000
Inventory 68,000
Property, plant, and equipment (net) 160,000
Accounts payable 47,000
Salaries payable 19,000
Paid-in capital 140,000
The only asset not listed is short-term investments. The only liabilities not listed are $38,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.6:1.
Required:
Determine the following at December 31, 2021:
1. Total current assets.
2. Short-term investments.
3. Retained earnings.

Answer and Explanation:

The calculations are given below:

1. Total current assets

we know that

Current ratio = Current assets ÷ current liabilities

where,

Current liabilities  is

= Accounts payable + Accrued interest + Salaries payable

= $47,000 + $1,000 + $19,000

= $67,000

And,

Current ratio = 1.6:1

So,

Total current assets is

= 1.6 × $67,000

= $107,200

b.  Short term investment is

Short term investment = Total current assets - Cash and cash equivalents - Accounts receivables - Inventories

= $107,200 - ($5,800 + $28,000 + $68,000)

= $5,400

c. Now retained earning is

Total assets

= Total current assets + Property, plant and equipment

= $107,200 + $160,000

= $267,200

 Total liabilities is

= Current liabilities + Notes payable

= $67,000 + $38,000

= $105,000

Now Retained earnings is

= Total assets - Total liabilities  - Paid in capital

= $267,200 - $105,000 - $140,000

= $22,200

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