Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available from the records of Singer Company at December 31, 2008:

Required 1. Prepare a classified balance sheet as of December 31, 2008.
2. Compute Singer’s current ratio.
3. On the basis of your answer to (2), does Singer appear to be liquid? What other information do you need to fully answer that question?

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Accounts payable $ 34,280 Land $250,000 Accounts receivable 26,700 Marketable securities 15,000 Accumulated depreciation-buildings 40,000 Merchandise inventory 112,900 Accumulated depreciation-equipment 12,500 Notes payable, due April 15, 2009 6,500 Bonds payable, due December 31, 2014 250,000 Office supplies 400 Buildings 150,000 Paid-in capital in excess of par value 75,000 Capital stock, $1 par value 200,000 Patents 45,000 Cash 60,790 Prepaid rent 3,600 Equipment 84,500 Retained earnings 113,510 Income taxes payable 7,500 Salaries payable 7,400 Interest payable 2,200