Question
Charlie's Crispy Chicken (CCC) operates a fast-food restaurant. When accounting for its first year of business, CCC created several accounts. Account Name Accounts Payable
Charlie's Crispy Chicken (CCC) operates a fast-food restaurant. When accounting for its first year of business, CCC created several accounts. Account Name Accounts Payable Balance Description $ Payment is due in 30 days 2,000 Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Salaries and Nages Payable- Supplies Required: 1,800 Includes cash in register and in bank account 30,000 Stock issued in exchange for owners' contributions 38,000 Includes deep fryers, microwaves, dishwasher, etc. 18,900 Held for future site of new restaurant 25,000 Payment is due in six years 3,000 Total earnings through September 30 200 Payment is due in 7 days 1,500 Includes serving trays, condiment dispensers, etc. 1. Using the above descriptions, prepare a classified balance sheet at September 30. 2. Calculate CCC current ratio.
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