The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is
ID: 2351945 • Letter: T
Question
The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Assets Liabilities and Equity Cash $ 61 Accounts payable $224 Accounts receivable (net) 173 Other liabilities 71 Notes receivable 66 Total current liabilities 295 Inventories 207 Long-term liabilities 104 Prepaid expenses 32 Total liabilities 399 Total current assets 539 Shareholders' equity: Plant assets (net) 265 Capital stock 132 Retained earnings 273 Total shareholders' equity 405 Total assets $804 Total liabilities and equity $804 Working capital is: $315. $539. $244. $140.Explanation / Answer
Total Assets = Plant & Equipment + Inventories + Net Accounts Receivable + Cash
= 6000000 + 100000 + 650000 + 210000 = $6960000
Total Liabilities = Accounts Payable + Other Current Liabilities + Accrued Expenses + Accumulated Depreciation + Long-Term Debt
= 130000 + 70000 + 100000 + 200000 + 5000000 = $5500000
Total Net Assets = Total Assets - Total Liabilities
= $6960000 - $5500000
= $1460000
Hence, answer is C : $1460000
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