Below Is the Balance Sheet for Janice Company: Janice Company

question 1

Multiple Choice

Below is the balance sheet for Janice Company: Janice Company
Balance Sheet
December 31 ,
$\begin{array}{lrr}&20X6&20X5\\\text { Current assets: }\\\text { Cash } & \$ 380 & \$ 242 \\\text { Accounts receivable } & 430 & 194 \\\text { Inventory } & 238 & 388 \\\text { Prepaid insurance } & 32 & 76\\\text { Total current assets }&\$1,080&\$900\\\text { Long-term assets: }\\\quad \text { Fixed assets } & \$ 406 & \$ 452 \\\quad \text { Less: Accumulated depreciation } & \underline{272) } & \underline{228) } \\\text { Total long-term assets } & \underline{\$ 134} & \$ 224 \\\text { Total assets } & \$ 1,214 & \$ 1,124\\\text { Current liabilities: }\\\text { Accounts payable } & \$ 176 & \$ 152 \\\text { Wages payable } & \underline{38} & \underline{32} \\\text { total current liabilities } & \$ 214 & \$ 184\\\text { Long-term liabilities: }\\\text { Notes payable } & \underline{420} & \underline{420} \\\text { Total liabilities } & \underline{\$ 634} & \underline{604}\\\text { Owners' equity: } & & \\\text { Common stock } & \$ 190 & \$ 160 \\\text { Retained income } & 390 & 360\\\text { Total owners' equity } & \underline{\$ 580}&\$520 \\\text { Total liabilities and owners' equity } & \underline{\$ 1,214} & \underline{\$ 1,214}\end{array}$ If a common-size balance sheet were prepared, _____ would be attributable to the 20X5 accounts payable of Janice Company.

• A)13.5%
• B)62.3%
• C)25.2%
• D)86.3%

Calculate payroll taxes for both individuals and businesses.

Appreciate the complexities of tax legislation and its impact on various stakeholders.

Understand the rationale and motivations behind corporate investments.

Identify different types of investments and their purposes.

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A public holiday celebrated in various countries to honor the labor movement and the contributions of laborers to the development and achievements of the country.