Second Puzzle Company
BALANCE SHEET
December 31, 20XX
Current assets:
Cash & cash equivalents: $9,000
Accounts Receivable: $21,000
Inventory: $71,000
Total current assets: $125,150
Non-current assets:
Property, plant and equipment: $50,000
Total assets: $125,150
Current liabilities:
Accounts payable: $10,200
Unearned revenue: $45,150
Total current liabilities: $80,000
Non-current liabilities:
Long-term debt: $19,950
Total liabilities: $80,000
I.M. Puzzled, capital: $24,150
Total liabilities and owner's equity: $125,150
Clues:
Working capital = $24,150
Working capital ratio = 2.15
Acid test ratio = 1.2
Accounts payable are 80% of accounts receivable
Accounts receivable are greater than cash & cash equivalents
