Exercise 3–1 E 3–1Balance sheet; missing elements •LO3–2,The following December 31, 2016, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents$ 5,000 Accounts receivable (net)20,000 Inventories60,000 Property, plant, and equipment (net)120,000 Accounts payable44,000 Wages payable15,000 Paid-in-capital100,000 The only asset not listed is short-term investments. The only liabilities not listed are a $30,000 note payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1. Required: Determine the following at December 31, 2016: 1.Total current assets 2.Short-term investments 3.Retained earnings LO3–3, LO3–8 1.Total current assetsEXERCISES
