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Analyzing The Strength and weakness from Ratios.
The balance sheet for Verne General Partnership appears below. Based solely on this balance sheet, do you see any potential difficulties Verne may have? What strengths does the balance sheet show? Explain. What would you learn from examining the income statement for the year ended 2008?
Verne General Partnership
Balance Sheet
As of December 31, 2008
Assets
Liabilities and Partners' Equity
Liabilities
Cash
$30,000
Accounts Payable
$25,000
Accounts Receivable
10,000
Accrued Expenses Payable
20,000
Inventory (FIFO)
Deferred Income from Sales
60,000
Equipment
150,000
Long-term Note Payable
70,000
Less: Accumulated Depreciation
(20,000)
130,000
Total Liabilities
$175,000
Building
650,000
Partners' Equity
(70,000)
580,000
Verne
$600,000
Land
80,000
Jules
75,000
Total Partner's Equity
675,000
Total Assets
$850,000
Total Liabilities and Partners' Equity
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