Question

The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents Accounts receivable (net) $5,700 Inventory $27,000 Property, plant, and equipment (net) $67,000 Accounts payable $46,000 Salaries payable $18,000 Paid-in capital $135,000 The only asset not listed is short-term investments. The only liabilities not listed are $37,000 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

          The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: 
Cash and cash equivalents 
Accounts receivable (net)                              $5,700
Inventory                                                        $27,000
Property, plant, and equipment (net)              $67,000 
Accounts payable                                           $46,000
Salaries payable                                               $18,000
Paid-in capital                                               $135,000 
The only asset not listed is short-term investments. The only liabilities not listed are $37,000 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

Added by Timothy W.

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