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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 $
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 2,000 Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Salaries and wages 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Using the above descriptions, prepare a classified balance sheet at September 30. CHARLIE'S CRISPY CHICKEN Assets Current Assets Cash Supplies Total Current Assets Equipment Land Balance Sheet At September 30 Current Liabilities $ 1,000 Liabilities Accounts Payable 1,500 Salaries and Wages Payable Notes Payable (long-term) 2,500 Total Current Liabilities 13,800 38,000 $ 18,900 Total Liabilities Retained Earnings Common Stock 0 Stockholders' Equity Total Assets $ 73,200 Total Liabilities and Stockholders' Equity < Required 1 Required 2 > 0 $ 0
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