44) Use the information in the adjusted trial balance presented below to calculate total current liabilities for Taron Company: Account Title Dr Cr Cash $ 23,000 Accounts receivable 16,000 Prepaid insurance 6,600 Equipment 100,000 Accumulated depreciation-Equipment $ . 50,000 Land 95,000 Accounts payable (due in 1 week) 17,000 Interest payable (due in 1 month) 2,400 Unearned revenue (service to be provided in 2 months) 5,000 Long-term notes payable 30,000 Z. Taron, Capital 136,200 Totals $ 240,600 $ 240,600 A) $50,000. B) $67,000. C) $24,400 D) $30,000 E) $35,00010 of 1 45) Based on the following information from Schutte Company's balance sheet, calculate the current ratio. Current assets $ 87,000 Investments 50,000 Plant assets 220,000 Current liabilities 39,000 Long-term liabilities 90,000 A. Schrute, Capital 228,000 A) $0.44 to $1.00 B) $3.51 to $1.00 C) $3.33 : $2.00 D) 1.06 : $1.00 E) $2.23 : $1.00 F) $2.23 to $2.00 46) Write out the words for the abbreviation CPA: 47) Where does US GAAP come from:Part II. Write Journal Entries in proper form for the following economic transactions: 1. Paid Insurance Expense of $1,200 for the current month. 2. Accrued Utilities Expense on account, $450. 3. Performed a service job and billed the client $135. 4. Purchased Equipment for $4,500, putting 15% down and financing the remaining amount with a 5% Note Payable due in 2 years. 5. Record the entry to show Equipment is being depreciated $1,000. 6. Accrued $5,600 of Wages expense at year end.7. Rent expense is $500 per month. The company paid $1,500 for Rent consisting of the current month and the next two months. 8. Purchased $1,000 of Supplies Inventory at the beginning of the month which has previously been recorded. A physical count of Supplies Inventory shows a balance of $350 of supplies on hand. Write the adjusting journal entry. 9. Did a service job and immediately collected $2,340. 10. Paid the utilities expense accrued in JE 2 above.Part III. Account Recognition 1202 16 Enter in the data requested for each account listed Type of Account On which Normal Balance (Asset, Contra-Asset, Liability, Assign an Account Financial Statement Account Name Dr or Cr Equity, Revenue, Expense) Number Is this account reported 1 Accounts Payable Unearned Service Revenue 3 Mortgages Payable 4 Cash 5 Equipment 6 Insurance Expense\fPart IV. Preparing Financial Statements Spartan Testing Corporation Trial Balance May 31, 2020 Dr Cr 101 Cash 155,560 120 Accounts Receivable 125,000 125 Supplies Inventory 12,549 140 Prepaid Insurance 1,000 170 Equipment 345,678 171 Accumulated Depreciation - Equipment S 12,000 190 Trademarks 250,000 210 Wages Payable 15,989 215 Accounts Payable 3,456 217 Utilities Payable 3,108 260 Deferred Revenue 100,000 270 Long Term Debt (see note 2) 345,000 310 Common Stock 140,000 320 Retained Earnings 250,568 325 Dividends 10,455 405 Testing Fee Revenue 320,926 510 Wages Expense 175,676 520 Rent Expense 24,345 540 Repairs & Maintenance Expense 34,565 546 Supplies Expense 7,453 545 Office Expense 34,566 550 Miscellaneous Expense 14,500 S 1,191,347 S 1,191,347 Notes: 1. The fiscal year end is May 31, 2020. 2. $14,560 of the Long-Term Debt is a current liability. Assignment Prepare in proper form: 1. The Balance Sheet 2. The Statement of Retained Earnings 3. The Income Statement 4. Calculate and present the Current Ratio 5. Calculate and present Working Capital
