1. Trial balance at December 31of the current year

2.Prepare a classified balance sheet at December 31 of the current year.

3.Compute the current ratio for the current year. (Round your answer to 2 decimal places.)

P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 (The following information applies to the questions displayed below.) Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $27,000 Accounts payable 3,700 Accrued liabilities payable 3,200 Notes payable (current) 27,000 Notes payable (noncurrent) 2,000 Common stock 57,000 Additional paid-in capital 98,000 Retained earnings 4,700 $23,000 3,800 5,700 46,000 10,600 95,400 38,100 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,800 cash. b. Lent $6,900 to a supplier who signed a two-year note. c. Purchased equipment that cost $25,000; paid $5,200 cash and signed a one-year note for the balance. d. Hired a new president at the end of the year. The contract was for $90,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year. e. Issued an additional 1,400 shares of $0.50 par value common stock for $12,000 cash. f. Borrowed $13,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,900 cash. h. Built an addition to the factory for $25,000; paid $8,600 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $3,000