11 palomo company reported the following balance sheet at october 31 2007 palomo com 4352213

11.Palomo Company reported the following balance sheet at October 31, 2007:

Palomo Company

Balance Sheet

October 31, 2007

Cash$10,000

Accounts receivable13,000

Inventory14,000

$37,000

Equipment20,000

Less:  Accumulated depreciation3,00017,000

$54,000

Accounts payable$ 6,000

Wages payable5,000

11,000

Contributed Capital35,000

Retained Earnings8,00043,000

$54,000

Required:

Determine (a) current assets, (b) property, plant, and equipment, (c) total assets, (d) total liabilities, and (e) stockholders' equity.

12.The Molusk Shrimp Company has the following account balances and other information available at April 30, 2007:

Accounts receivable$178,000Operating expenses$192,000

Common stock200,000Cash112,000

Income tax expense75,200Bonds payable (due

4-20-12)20,000

Retained earnings?Accounts payable100,000

Sales revenue900,000Cost of goods sold520,000

Buildings220,000

Required:

Determine the following amounts at April 30, 2007.

a.Total assets

b.Working capital

c.Gross profit

d.Retained earnings

e.Net income

f.Working capital ratio

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