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(Solved) 8. Platinum Corporation belongs to the rubber tire trading industry. Its most recent balance sheet and income statement appear below: Statement of...


8. Platinum Corporation belongs to the rubber tire trading industry. Its most recent balance sheet and income statement appear below: Statement of Financial Position December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash .................................................................... $ 30 $ 110 Accounts receivable ............................................ 210 260 Inventory ............................................................. 190 170 Prepaid expenses ................................................. 7O 70 Total current assets ................................................. 500 610 Plant and equipment, net ........................................ 810 740 Total assets ............................................................. §1i310 §li350 Liabilities and Stockholders’ Equity
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