Balance Sheet Problem The following are a list of accounts taken from the Cannes Corporation's ac records at the end of 20X9. Prepaid expenses 4,700 Mortgage payable Taxes payable 12,300 Accounts payable Accounts receivable 58,250 Accumulated depreciation Retained earnings ???? Cash Common stock 5,000 Bonds payable Accrued expenses 28,300 Property, Plant & Equipmen Inventories 78,650 Unearned revenue Required a. Prepare a classified balance sheet in good form at 12/31/X9. You'll hav Note: the unearned revenue will be earned within 1 year. b. Calculate the quick ratio and indicate if it is in the normal range. C. Having prepared a corrected balance sheet from above, prepare a partia balance sheet by calculating the following percentages: 1) Total current assets % 2) Total current liabilities % 3) Total liabilities % d. Comment on the asset and liability management of the firm. Please be specific as you can. You can provide additional ratio(s) that we've studi of your answer. Balance Sheet Problem The following are a list of accounts taken from the Cannes Corporation's accounting records at the end of 20X9. Prepaid expenses 4,700 Mortgage payable 32,000 Taxes payable 12,300 Accounts payable 70,450 Accounts receivable 58,250 Accumulated depreciation 186,500 Retained earnings 2772 Cash 9,000 Common stock 5,000 Bonds payable 30,000 Accrued expenses 28,300 Property, Plant & Equipment 252,000 Inventories 78,650 Unearned revenue 15,100 Required a. Prepare a classified balance sheet in good form at 12/31/X9. You'll have to determine retained earnings $ amount from information given. Note: the unearned revenue will be earned within 1 year. b. Calculate the quick ratio and indicate if it is in the normal range. C. Having prepared a corrected balance sheet from above, prepare a partial vertical analysis of the balance sheet by calculating the following percentages: 1) Total current assets % 2) Total current liabilities % 3) Total liabilities % d. Comment on the asset and liability management of the firm. Please be as in depth and specific as you can. You can provide additional ratio(s) that we've studied so far as part of your answer. Please record your answers below on this same spreadsheet