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Account Adjusted Account Balance* Accounts payable $ 8,300 Accumulated depreciation, building 24,200 Accumulated depreciation, furniture 2,700 Advertising expense 15,400 Building 583,000 Cash 16,200 Depreciation expense,
Account | Adjusted Account Balance* | |||
Accounts payable | $ | 8,300 | ||
Accumulated depreciation, building | 24,200 | |||
Accumulated depreciation, furniture | 2,700 | |||
Advertising expense | 15,400 | |||
Building | 583,000 | |||
Cash | 16,200 | |||
Depreciation expense, building | 24,200 | |||
Depreciation expense, furniture | 2,700 | |||
Furniture | 41,200 | |||
Interest expense | 10,180 | |||
Interest payable | 720 | |||
Janitorial expense | 40,200 | |||
Land | 102,000 | |||
Long-term notes payable | 354,000 | |||
Notes receivable, due 2023 | 135,000 | |||
Office salaries expense | 122,625 | |||
Office supplies | 620 | |||
Office supplies expense | 5,300 | |||
Brand name | 2,200 | |||
Prepaid advertising | 320 | |||
Rent revenue | 390,400 | |||
Rent receivable | 15,200 | |||
Salaries payable | 2,225 | |||
Utilities expense | 35,920 | |||
Wyett North, capital | 396,920 | |||
Wyett North, withdrawals | 27,200 | |||
*Assume all accounts have a normal balance. Required: 1. Calculate the capital balance as it would appear on the March 31, 2020, balance sheet. 2. Prepare a classified balance sheet. Assume that $211,000 of the Long-Term Notes Payable will be paid during the year ended March 31, 2021. Also, $51,000 of the notes receivable will be collected by March 31, 2021. 3. Calculate the current ratio and the debt to equity ratio. (Round the final answers to 2 decimal places.)
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