Use the following financial statements for Lake of Egypt Marina, Incorporated Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Depreciation Net plant and equipment Other long-term assets Total Total assets LAKE OF EGYPT MARINA, INCORPORATED Balance Sheet as of December 31, 2024 and 2023 (in millions of dollars) 2024 $ 119 155 240 $ 514 $ 620 162 $ 458 70 $ 528 $ 1,042 2023 Liabilities and Equity Current liabilities: $ 45 150 230 $ 425 Accrued wages and taxes Accounts payable Notes payable. Total Long-term debt: $511 Stockholders' equity: 120 $ 391 69 $ 460 $ 885 Total liabilities and equity Preferred stock (5 million shares) Common stock and paid-in surplus (65 million shares) Retained earnings Total 2024 $ 60 110 100 $270 $ 320 $5 65 382 $ 452 $ 1,042
Use the following financial statements for Lake of Egypt Marina, Incorporated Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Depreciation Net plant and equipment Other long-term assets Total Total assets LAKE OF EGYPT MARINA, INCORPORATED Balance Sheet as of December 31, 2024 and 2023 (in millions of dollars) 2024 $ 119 155 240 $ 514 $ 620 162 $ 458 70 $ 528 $ 1,042 2023 Liabilities and Equity Current liabilities: $ 45 150 230 $ 425 Accrued wages and taxes Accounts payable Notes payable. Total Long-term debt: $511 Stockholders' equity: 120 $ 391 69 $ 460 $ 885 Total liabilities and equity Preferred stock (5 million shares) Common stock and paid-in surplus (65 million shares) Retained earnings Total 2024 $ 60 110 100 $270 $ 320 $5 65 382 $ 452 $ 1,042
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 90PSB
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