(a) Use the information in the adjusted trial balance reported in Exercise 3-21 to compute the current...

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(a) Use the information in the adjusted trial balance reported in Exercise 3-21 to compute the current ratio for Wilson Trucking. 

(b) Assuming Spalding (a competitor) has a current ratio of 1.5, which company is better able to pay its short-term obligations?

Data from Exercise 3-21

Use the following adjusted trial balance at December 31 of Wilson Trucking Company to prepare the 

(1) Income statement 

(2) Statement of retained earnings, for the year ended December 31. 

The Retained Earnings account balance was $140,000 at December 31 of the prior year.

Account Title Cash Accounts receivable... Office supplies .... Trucks... Accumulated depreciation-Trucks....

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