Charlie€™s Crispy Chicken (CCC) operates a fast- food restaurant. When accounting for its first year of business, CCC created several accounts. Using the following descriptions, prepare a classified balance sheet at September 30. Are CCC€™s current assets sufficient to be converted into cash to cover its current liabilities? How can you tell?

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Account Name Balance Description Accounts Payable Cash Common Stock Equipment Land Note Payable long-term) Retained Earnings Salaries and Wages Payable Supplies 2,000 1.800 Payment is due in 30 days Includes cash in register and in bank account Stock issued in exchange for owners' contributions 30,000 38,000 ncld deep fryers, microwaves, dishwashet etc. 18.900 25,000 Held for future site of new restaurant Payment is due in six years 3,000 Total enings through September 30 200 1.500 Payment is due in 7 days Includes seving trays, condiment dispensers, etc.