Baloon-E-Tunes -Refer to Baloon-E-Tunes

question 166

Essay

Baloon-E-Tunes

$\begin{array}{l}\begin{array}{ll}\text { Retained Earnings } & \$ 370,000 \\\text { Accumulated Depreciation } & 130,000 \\\text { Income Taxes Payable } & 240,000 \\\text { Plant } & 480,000 \\\text { Cash } & 110,000 \\\text { Accounts Receivable } & 350,000 \\\text { Common Stock } & 600,000\end{array}\begin{array}{ll}\text { Notes Payable (due in } 6 \text { years) } & \$ 120,000 \\\text { Salaries Payable } & 10,000 \\\text { Supplies } & 20,000 \\\text { AccountsPayable } & 360,000 \\\text { Inventory } & 330,000 \\\text { Land } & 500,000 \\\text { Prepaid Insurance } & 40,000\end{array}\end{array}$
-Refer to Baloon-E-Tunes.Calculate the current ratio at December 31,2013.What does this ratio tell you about the "composition" of the current assets?

---

Definitions:

Rectal Tube

A flexible tube inserted into the rectum to relieve gas buildup or administer medications and enemas.

Terminal Disease

A condition or illness that is progressive and incurable, ultimately leading to death.

Judaism

A monotheistic religion centered on the worship of one God and the ethical and ritual observances outlined in the Torah and other Jewish texts.

Sabbath

A day of religious observance and abstinence from work, recognized within various traditions, typically occurring weekly.