FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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