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East HIII Home Healthcare Services was organized five years ago by four filends who each invested $$12,000$ in the company and, In turn, were issued in total $8,800$ shares of $$1\mathrm{.}00$ par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records reflected tatal assets of $$729000($$$56,000$ cash; $$514,000$ land, $$53,000$ equipment, and $$106,000$ bulldings$),$ total llabilities or $$212,000($short$-$term notes payable $$106,000$ and long$-$term notes payable $$106,000),$ and stockholder's equity of $$517,000($ $$22,000$ common stock, $$90,000$ additional pald$-$In capital; and $$405,000$ retalined earnings$).$ During the current year, the following summarized events occurred:

a$.$ Sold $9,700$ additional shares of stock to the original organizers for a total of $$97,000$cash.

b$.$ Purchased a bullding for $$59,000,$ equipment for $$19,000,$ and four acres of land for $$24,000$; paid $$15,000$ in cash and signed a note for the balance $($due in $15$ years$).($hin: Flve different accounts are affected$)$

c$.$ Sold one acre of land acquired in $(4)$ for $$6,000$ cash to another company.

d$.$ Purchased short$-$term Inwestments for $$15,500$ cash.

e$.$ One stockholder reported to the company that $350$ shares of his East Hill stock had been sold and transferred to another stockholder for $$3,300$ cash.

L$.$ Lent one of the shareholders $$5,900$ for moulng costs and recelved a signed, sk$-$month note from the shareholder.

$9.$ Borrowed $$11,000$ trom a local bank; signed a note due in sk months:

Required:

Was East Hill Home Healhcare Services orgenized as a sole proprletorship, a partnership, or a corporation?

During the current year, the records of the company were inadequate You were asked to prepare the summary of transactions shown above. To develop a quick assessment of their economic effects on East HIII Home Healthcare Services, complete the tabulation that follows. The thrt event is used as an example.

Based oniy on the completed tebulaton, provioe the following anounts.

Compute the current ratio for the currant year.

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[\backslash$table$[[$Required$],[1]],$Required,Required,Required$]]$

Compute the current ratio for the current year. Note: Round your answer to $2$ decimal places.

Current ratio