As of December 31, 2010 Assets Cash Accounts receivable Inventory $ 1 S37 $61 To
ID: 2814956 • Letter: A
Question
As of December 31, 2010 Assets Cash Accounts receivable Inventory $ 1 S37 $61 Total Current Assets Net plant and equipment Total Assets $1,000 Liabilities and Stockholders' Equity Accounts payable Notes payable $ 6 $110 $140 Sxxxxox $750 Accruals Total Current Liabilities Long-term liabilities Total Liabilities Common Stock (50,000,000 shares) $130 $810 Retained earnings Total liabilities and stockholders' equity Sxxxoxox Using the previous information, Morgan Company's current assets are...,its current liabiliti ere and its total liabilities and stockholders' equity are... . $1,000, s3 10 and $2,000 respectively. b. $2,000; $1,060 and $2,000 respectively. c. $1,000; $750 and $1,060 respectively. . none of the above. Which one of the following is a current liability? account receivable mortgage payable over thirty yearsExplanation / Answer
current assets = cash + accounts receivable + inventory = 10 + 375 + 615 =1000
current liabilities =accounts payable + notes payable + accruals = 60 + 110 + 140 = 310
shareholders' equity = common stock + retained earnings = 130 + 810 = 940
correct answer : d . none of the above
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