Consider the following balance sheet, for Games Inc. Because Games has $800,000 of retained earnings, we know that the company would be able to pay cash to buy an asset with a cost of $200,000.
| Cash | $50,000 | Accounts payable | $100,000 |
| Inventory | 200,000 | Accruals | 100,000 |
| Account receivable | 250,000 | Total CL | $200,000 |
| Total CA | $500,000 | Debt | 200,000 |
| Net fixed assets | $900,000 | Common stock | 200,000 |
| Retained earnings | 800,000 | ||
| Total assets | $1,400,000 | Total L & E | $1,400,000 |
a. True
b. False
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