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Charlie's Crispy Chicken (CCC) operates a fast-food restaurant. When accounting for its first year of business, CCC created several accounts. Account Name Balance Description
Charlie's Crispy Chicken (CCC) operates a fast-food restaurant. When accounting for its first year of business, CCC created several accounts. Account Name Balance Description $ Accounts Payable Payment is due in 30 days 2,100 Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Salaries and Wages Payable Supplies Required: 2,800 Includes cash in register and in bank account 45,000 Stock issued in exchange for owners' contributions 55,000 Includes deep fryers, microwaves, dishwasher, etc. 26,400 Held for future site of new restaurant 35,000 Payment is due in six years 4,500 Total earnings through September 30 500 Payment is due in 7 days 2,900 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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