The accounts of Bolton Travel at December 31, 2023, are listed below in alphabetical order:

Required

1. Prepare the company’s classified balance sheet in report format at December 31, 2023. Use a three-column format for the amounts. All adjustments have been journalized and posted, but the closing entries have not yet been made.

2. Compute Bolton Travel’s current ratio and debt ratio at December 31, 2023. At December 31, 2022, the current ratio was 1.52 and the debt ratio was 0.20. Did Bolton Travel’s ability to pay both current and total debts improve or deteriorate during 2023?

Transcribed Image Text:

Accounts Payable. Accounts Receivable.......... Accumulated Amortization-Building....... 113,400 Accumulated Amortization - Furniture..... Advertising Expense....... Amortization Expense....... Building.. Cash............. $ 15,300 19,800 Commission Revenue....... E. Bolton, Capital............. E. Bolton, Withdrawals............... Furniture....... Insurance Expense... 34,800 6,600 3,900 313,200 25,000 280,500 209,400 143,800 68,100 2,400 Interest Payable. Interest Receivable........... $ 4,300 1,600 Land .......... 62,500 Note Payable, Long-Term..... 91,400 Note Receivable, Long-Term........... Intangible Assets Other Current Liabilities....... Prepaid Insurance. Prepaid Rent...... Salaries Expense. Salaries Payable....... Supplies Supplies Expense.......... Unearned Commission Revenue........ 12,500 9,300 14,100 3,300 12,700 73,800 6,700 8,500 17,100 14,200