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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 31, 2023, is shown
An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2023, is shown below: Account Adjusted Account Balance* Accounts payable $ 9,600 Accumulated depreciation, building 25,500 Accumulated depreciation, furniture 4,000 Advertising expense 16,700 Building 596,000 Cash 17,500 Depreciation expense, building 25,500 Depreciation expense, furniture 4,000 Furniture 43,800 Interest expense 10,310 Interest payable 850 Janitorial expense 41,500 Land 115,000 Long-term notes payable 367,000 Notes receivable, due 2026 148,000 Office salaries expense 129,125 Office supplies 750 Office supplies expense 6,600 Brand name 3,500 Prepaid advertising 450 Rent revenue 403,400 Rent receivable 16,500 Salaries payable 2,875 Utilities expense 37,220 Wyett North, capital 427,730 Wyett North, withdrawals 28,500 *Assume all accounts have a normal balance. Required: 1. Calculate the capital balance as it would appear on the March 31, 2023, balance sheet. 2. Prepare a classified balance sheet. Assume that $217,500 of the Long-Term Notes Payable will be paid during the year ended March 31, 2024. Also, $57,500 of the notes receivable will be collected by March 31, 2024. 3. Calculate the current ratio and the debt to equity ratio. (Round the final answers to 2 decimal places.)
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