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These financial statement items are for Ivanhoe Company at year-end, July 31, 2022. Salaries and wages payable $ 3,900 Salaries and wages expense 59,300 Supplies expense 16,900 Equipment 16,580 Accounts payable 3,500 Service revenue 67,900 Rent revenue 9,800 Notes payable (due in 2025) 3,000 Common stock 16,000 Cash 35,620 Accounts receivable 11,000 Accumulated depreciation-equipment 7,900 Dividends 4,000 Depreciation expense 4,000 Retained earnings (beginning of the year) 35,400

These financial statement items are for Ivanhoe Company at year-end, July 31, 2022. Salaries and wages payable $ 3,900 Salaries and wages expense 59,300 Supplies expense 16,900 Equipment 16,580 Accounts payable 3,500 Service revenue 67,900 Rent revenue 9,800 Notes payable (due in 2025) 3,000 Common stock 16,000 Cash 35,620 Accounts receivable 11,000 Accumulated depreciation-equipment 7,900 Dividends 4,000 Depreciation expense 4,000 Retained earnings (beginning of the year) 35,400

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Hello, I am having a hard time with the balance sheet and the current ratio & debt to assets ratio 

These financial statement items are for Ivanhoe Company at year-end, July 31, 2022. Salaries and wages payable $ 3,900 Salaries and wages expense 59,300 Supplies expense 16,900 Equipment 16,580 Accounts payable 3,500 Service revenue 67,900 Rent revenue 9,800 Notes payable (due in 2025) 3,000 Common stock 16,000 Cash 35,620 Accounts receivable 11,000 Accumulated depreciation-equipment 7,900 Dividends 4,000 Depreciation expense 4,000 Retained earnings (beginning of the year) 35,400
Transcribed Image Text:These financial statement items are for Ivanhoe Company at year-end, July 31, 2022. Salaries and wages payable $ 3,900 Salaries and wages expense 59,300 Supplies expense 16,900 Equipment 16,580 Accounts payable 3,500 Service revenue 67,900 Rent revenue 9,800 Notes payable (due in 2025) 3,000 Common stock 16,000 Cash 35,620 Accounts receivable 11,000 Accumulated depreciation-equipment 7,900 Dividends 4,000 Depreciation expense 4,000 Retained earnings (beginning of the year) 35,400
Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) IVANHOE COMPANY Balance Sheet Assets $ $ $ Liabilities and Stockholders' Equity $ $ eTextbook and Media List of Accounts X Your answer is incorrect. Compute the current ratio and debt to assets ratio. (Round answers to 1 decimal place, e.g. 15.2.) Current ratio :1 Debt to assets ratio %
Transcribed Image Text:Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) IVANHOE COMPANY Balance Sheet Assets $ $ $ Liabilities and Stockholders' Equity $ $ eTextbook and Media List of Accounts X Your answer is incorrect. Compute the current ratio and debt to assets ratio. (Round answers to 1 decimal place, e.g. 15.2.) Current ratio :1 Debt to assets ratio %
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Introduction

The balance sheet is the most important financial report that represents a financial position of a business entity. It shows what resources are owned by the business (i.e., assets)  and also what it owes to outsiders and owners (I.e., liabilities and stockholders' equity. 

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