the following accounts are taken KQuestion 5 of 11 5 value 1

KQuestion 5 (of 11) 5 value 10.00 points The following accounts are taken from the financial statements of Trump Entertainment Resorts, Inc., at its December 31, 2010, year-end. (Amounts are in thousands.) Operating Expenses Salaries Payable Interest Expense Accounts Payable Other Current Liabilities Food and Beverage Revenue Cash Accounts Receivable Other Current Assets Equipment Long-term Note Payable Contributed Capital Retained Earnings $126,995 29,500 27,078 46,000 80,000 53,975 79,960 32,500 139,450 528,500 428,000 15 196,895

Solution

Assets $ liabilities $ Current Assets Current liabilities Cash 79,960 Accounts payable 46,000 Accounts receivable 32,500 Salaries payable 29,500 other current assets 139,450 other current liabilities 80,000 total current assets 251,910 total current liabiities 155,500 long term note payable 428,000 total liabilities 583,500 Equipment 528,500 Stockholder\'s Equity Contributed capital 15 Retained earnings 196,895 total stockholder\'s Equity 196910 total Assets 780,410 total liabilities and Stockholder\'s Equity 780,410 the total assets were financed primarily by liabilities current ratio = current assets/current liabilities            251,910/155,500 1.62