Classified Balance Sheet

Jerrison Company operates a wholesale hardware business. The following balance sheet accounts and balances are available for Jerrison at December $31.$

Accounts payable $ $65,100$ Equipment, data processing $$309,000$

Accounts receivable $95,500$ Income taxes payable $25,600$

Accumulated depreciation Interest payable $12,600$

$($on building$)216,800$ Inventory $187,900$

Accumulated depreciation Investments $($long$-$term$)32,700$

$($on data processing equipment$)172,400$ Investments $($short$-$term$)21,000$

Accumulated depreciation $31,200$ Land $41,000$

$($on trucks$)$ Notes payable $($due in $6$ months$)160,000$

Bonds payable $($due in $4$ years$)200,000$ Prepaid insurance $($for $4$ months$)5,700$

Building $($warehouse$)419,900$ Retained earnings, Dec. $31?$

Cash $11,400$ Salaries payable $14,400$

Common stock $150,000$ Trucks $106,100$

Required:

Question Content Area

$1.$ Prepare a classified balance sheet for Jerrison at December $31.$

Jerrison Company

Balance Sheet

December $31$

Assets

Current assets:

Cash

$Cash

$11,400$

Investments $($short$-$term$)$

Investments $($short$-$term$)$

$21,000$

Accounts receivable

Accounts receivable

$95,500$

Prepaid insurance

Prepaid insurance

$5,700$

Inventory

Inventory

$187,900$

Total current assets $fill in the blank baf$2$fa$031057$fbb$\_11$

$321,500$

Long$-$term investments:

Investment

Investment

$32,700$

Property, plant, and equipment:

Land

$Land

$41,000$

Building

$Building

$419,900$

Less: Accumulated depreciation

Less: Accumulated depreciation

$216,800$

Building, net fill in the blank baf$2$fa$031057$fbb$\_20$

$203,100$

Trucks

$Trucks

$106,100$

Less: Accumulated depreciation

Less: Accumulated depreciation

$31,200$

Trucks, net fill in the blank baf$2$fa$031057$fbb$\_25$

$74,900$

Equipment $($data processing$)$

$Equipment $($data processing$)$

$309,000$

Less: Accumulated depreciation

Less: Accumulated depreciation

$172,400$

Equipment, net fill in the blank baf$2$fa$031057$fbb$\_30$

$136,600$

Total property, plant, and equipment fill in the blank baf$2$fa$031057$fbb$\_31$

$455,600$

Total assets $fill in the blank baf$2$fa$031057$fbb$\_32$

$809,800$

Liabilities

Current liabilities:

Accounts payable

$Accounts payable

$65,100$

Notes payable

Notes payable

$160,000$

Salaries payable

Salaries payable

$14,400$

Interest payable

Interest payable

$12,600$

Income taxes payable

Income taxes payable

$25,600$

Total current liabilities $fill in the blank baf$2$fa$031057$fbb$\_43$

$277,700$

Long$-$term liabilities:

Bonds payable

Bonds payable

$200,000$

Total liabilities $fill in the blank baf$2$fa$031057$fbb$\_46$

$477,700$

Stockholders' Equity

$Common stock

$150,000$

Retained earnings $=?$

Total stockholders' equity $=?$

Total liabilities and stockholders' equity $=?$

Question Content Area

$2.$ Compute Jerrison$$s working capital and current ratio at December $31.$ Round the current ratio answer to two decimal places.

Working Capital $=?$

Current Ratio $=?$