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An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 3 1 , 2
An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March is shown below:
Account Adjusted
Account Balance
Accounts payable $
Accumulated depreciation, building
Accumulated depreciation, furniture
Advertising expense
Building
Cash
Depreciation expense, building
Depreciation expense, furniture
Furniture
Interest expense
Interest payable
Janitorial expense
Land
Longterm notes payable
Notes receivable, due
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.
Required:
Calculate the capital balance as it would appear on the March balance sheet.
Prepare a classified balance sheet. Assume that $ of the LongTerm Notes Payable will be paid during the year ended March Also, $ of the notes receivable will be collected by March
Calculate the current ratio and the debt to equity ratio. Round the final answers to decimal places.
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