Here is the partial work sheet for Olsen Mountain Shop

Instructions 1. Prepare a statement of owner’s equity (no additional investment).
2. Prepare a balance sheet.
3. Determine the amount of the working capital.
4. Determine the current ratio (carry to one decimal place).
Check Figure Working capital, $75,61 7.40

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1 Cash For Year Ended December 31, 19- ACCOUNT NAME 2 Notes Receivable 3 Accounts Receivable 4 Merchandise Inventory 5 Supplies 6 Prepaid Taxes 7 Prepaid Insurance 8 Land 9 Bullding 10 Accumulated Depreciation, Building 11 Office Equipment 12 Accumulated Depreciation, Office Equipment 13 Store Equipment 14 Accumulated Depreciation, Store Equipment 15 Delivery Equipment BALANCE SHEET DEBIT 972 300 360000 42 8 7 9 60 56 6 9 7 00 474 00 61 3 50 63000 840000 63 000 00 5424 00 657000 CREDIT 21 600 00 4 170 00 4995 00 5565 00 16 Accumulated Depreciation, Delivery Equipment 17 Notes Payable 18 Accounts Payable 19 Mortgage Payable (current portion) 20 Mortgage Payable 21 N. Olsen, Capital 22 N. Olsen, Drawing 23 Wages Payable 24 25 Net Income 26 4305 00 543000 29 5 9 1 70 2700 00 55 7 13 00 65 0 5 890 25 19 4 00 1 2 7 8 00 228 7 7 0 10 194 841 60 33 9 2 8 50 228 7 7 0 10 228 7 7 0 10