An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2020, is shown below. Accounts payable Account Accumulated depreciation, building Accumulated depreciation, furniture Advertising expense Building Cash Depreciation expense, building Depreciation expense, furniture Furniture Adjusted Account Balance $ 8,800 24,700 3,200 15,900 588,000 16,700 24,700 3,200 42,200 10,230 Interest expense Interest payable. Janitorial expense Land Long-term notes payable. Notes receivable, due 2023 Office salaries expense Office supplies Office supplies expense Brand name Prepaid advertising Rent revenue Rent receivable Salaries payable Utilities expense Wyett North, capital Wyett North, withdrawals 'Assume all accounts have a normal balance. 778 40,700 107,000 359,000 140,000 125,125 670 5,800 2,700 370 395,400 15,700 2,475 36,420 488,770 27,700 3 "Assume all accounts have a normal balance. Required: 1. Calculate the capital balance as it would appear on the March 31, 2020, balance sheet. Wyatt North, capital 2. Prepare a classified balance sheet. Assume that $213,500 of the Long-Term Notes Payable will be paid during the year ended March 31, 2021. Also, $53,500 of the notes receivable will be collected by March 31, 2021. NORTH COUNTRY RENTALS Balance Sheet March 31, 2020 Assets Current assets: Cash Rent receivable Prepaid advertising Total current assets Long-term investments: Property, plant and equipment: Building Furniture Total property, plant and equipment Intangible assets: $ $ 0 $ 0 Total assets Liabilities Current liabilities: 0 Total current liabilities Long-term liabilities: Total liabilities Total liabilities and equity Equity $ 0 $ 0 $ 0 3. Calculate the current ratio and the debt to equity ratio. (Round the final answers to 2 decimal places.) Current Ratio Debt to Equity Ratio Droy 33 of 36 Next >>