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Question 7 Low Company's December 31, 2029 balance sheet included the following accounts: ASSETS: Accounts receivable Cash ? Copyright Inventory Land Supplies LIABILITIES: Notes payable Accounts payable Salaries payable EQUITY: Common stock Retained earnings $44,000 $56,000 ? $89,000 $52,000 $74,000 $50,000 (see note below) $26,000 ? ? Low Company reported the following financial statement ratios at December 31, 2029: Current ratio Acid-test ratio Note: 2.10 1.04 The note payable is a four-year loan that was taken out on March 1, 2026. Calculate the balance in the inventory account at December 31, 2029. 3 pts

Question 7 Low Company's December 31, 2029 balance sheet included the following accounts: ASSETS: Accounts receivable Cash ? Copyright Inventory Land Supplies LIABILITIES: Notes payable Accounts payable Salaries payable EQUITY: Common stock Retained earnings $44,000 $56,000 ? $89,000 $52,000 $74,000 $50,000 (see note below) $26,000 ? ? Low Company reported the following financial statement ratios at December 31, 2029: Current ratio Acid-test ratio Note: 2.10 1.04 The note payable is a four-year loan that was taken out on March 1, 2026. Calculate the balance in the inventory account at December 31, 2029. 3 pts

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 7 Low Company's December 31, 2029 balance sheet included the following accounts: ASSETS: Accounts receivable Cash ? Copyright Inventory Land Supplies LIABILITIES: Notes payable Accounts payable Salaries payable EQUITY: Common stock Retained earnings $44,000 $56,000 ? $89,000 $52,000 $74,000 $50,000 (see note below) $26,000 ? ? Low Company reported the following financial statement ratios at December 31, 2029: Current ratio Acid-test ratio Note: 2.10 1.04 The note payable is a four-year loan that was taken out on March 1, 2026. Calculate the balance in the inventory account at December 31, 2029. 3 pts
Transcribed Image Text:Question 7 Low Company's December 31, 2029 balance sheet included the following accounts: ASSETS: Accounts receivable Cash ? Copyright Inventory Land Supplies LIABILITIES: Notes payable Accounts payable Salaries payable EQUITY: Common stock Retained earnings $44,000 $56,000 ? $89,000 $52,000 $74,000 $50,000 (see note below) $26,000 ? ? Low Company reported the following financial statement ratios at December 31, 2029: Current ratio Acid-test ratio Note: 2.10 1.04 The note payable is a four-year loan that was taken out on March 1, 2026. Calculate the balance in the inventory account at December 31, 2029. 3 pts
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