Question - The following data is given for Clipper Co.
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TOTAL CURRENT ASSETS
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$36,000
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ACCUMULATED DEPRECIATION
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$ 5,000
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TOTAL LIABILITIES
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$52,000
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DEBT RATIO
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80%
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CURRENT RATIO
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1.20
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A. Using the information above, compute the dollar amounts for the Balance Sheet below.
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CURRENT ASSETS
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$
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PROPERTY, PLANT & EQUIPMENT
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$
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|
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LESS ACCUMULATED DEPRECIATION
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$
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$
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TOTAL ASSETS
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$
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|
|
|
|
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CURRENT LIABILITIES
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$
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LONG TERM LIABILITIES
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$
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STOCKHOLDERS' EQUITY
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|
$
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
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|
$
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What is the Credit amount for Long Term Liabilities?
What is the Debit amount for Property, Plant & Equipment?
What is the Credit amount for Total Assets? Hint: Use the Debt Ratio to calculate.
What is the Credit amount for Current Liabilities? Hint: Use the Current Ratio to calculate
What is the Credit amount for Stockholders' Equity?
What is the Credit amount for Total Liabilities & Stockholders' Equity?