1. Compute the current ratio in each of the following companies. (Round your answers to 2 decimal places.) Current Current Liabilities Ratio Assets $ 79,040 S32,000 76,000 49,000 81,600 100,000 Edison MAXT Chatter TRU Gleeson 104,880 45,080 85,680 61,000 2. Identify the company with the strongest liquidity position (These companies represent competitors in the sam O Edison O MAXT O Chatter O TRU O Gleeson Check 1.& 2. The following data are taken from the unadjusted trial balance of the Westcott Company at December 31, 2017. Complete the work sheet following adjustment (Enter their balances in the correct Debit or Credit column.) Use the following adjustment information to complete the work sheet a. Depreciation on equipment, $3 b. Accrued salaries, $6 c. The $12 of unearned revenue has been eaned d. Supplies available at December 31, 2017, $15 e. Expired insurance, $15 WESTCOTT COMPANY Partial Work Sheet For the year ended December 31, 2017 Unadjusted Trial Adjustments Adjusted Trial Balance Account Title Cr. Dr. Cr. Dr. Cr. Cash Accounts recelvable 21 12 24 18 9l Prepaid insurance WESTCOTT COMPANY Partial Work Sheet For the year ended December 31, 2017 Unadjusted Trial Balance Adjusted Trial Balance Adjustments Account Title De. Dr. Cr Du. Cr. Cash 21 12 24 18 39 Accounts receivable Prepaid insurance Equipment Accumulated depreciation- Equip S 15 Accounts payable Salaries payable Unearned revenue W. Westcott, Capital W Westcott, Withdrawals 12 42 6 75 Depreciation expense-Equip Salaries expense Insurance expense 18 Ce. Ca. Account Title 21 Accounts receivable 24 18 Supplies Prepaid insurance Equipment Accumulated depreciation-Equip Accounts payable Salaries payable Uneamed revenue S 15 12 W. Westcott, Capital W Westcott, Withdrawals 42 6 75 Depreciation expense-Equip Salaries expense Insurance expense Supplies expense Uilities expense Totals 18 12 150 150 S 0