Classified Balance Sheet

The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2017:

Accounts payable	$18,995		Income taxes payable	$6,025
Accounts receivable	22,850		Interest payable	1,585
Accumulated depreciation - automobiles	22,360		Inventory	43,205
Accumulated depreciation - buildings	41,020		Land	233,000
Automobiles	111,800		Long-term investments	91,855
Bonds payable, due December 31, 2021	156,000		Notes payable, due June 30, 2018	10,000
Buildings	205,100		Office supplies	2,175
Capital stock, $10 par value	147,000		Paid-in capital in excess of par value	47,000
Cash	12,075		Patents	37,000
			Prepaid rent	1,355
			Retained earnings	306,315
			Salaries and wages payable	4,115

Required:

1. Prepare in good form a classified balance sheet as of December 31, 2017.

Ruth Corporation
Balance Sheet
December 31, 2017
Assets
Current assets:
Cash		$fill in the blank 6cc20501d062f82_2
Accounts receivable		fill in the blank 6cc20501d062f82_4
Inventory		fill in the blank 6cc20501d062f82_6
Prepaid rent		fill in the blank 6cc20501d062f82_8
Office supplies		fill in the blank 6cc20501d062f82_10
Total current assets			$fill in the blank 6cc20501d062f82_11
Long-term investments			fill in the blank 6cc20501d062f82_13
Property, plant, and equipment:
Land		$fill in the blank 6cc20501d062f82_15
Automobiles	$fill in the blank 6cc20501d062f82_17
Accumulated depreciation	fill in the blank 6cc20501d062f82_19	fill in the blank 6cc20501d062f82_20
Buildings	$fill in the blank 6cc20501d062f82_22
Accumulated depreciation	fill in the blank 6cc20501d062f82_24	fill in the blank 6cc20501d062f82_25
Total property, plant, and equipment			fill in the blank 6cc20501d062f82_26
Intangible assets:
Patents			fill in the blank 6cc20501d062f82_28
Total assets			$fill in the blank 6cc20501d062f82_29
Liabilities
Current liabilities:
Accounts payable		$fill in the blank 6cc20501d062f82_31
Income taxes payable		fill in the blank 6cc20501d062f82_33
Interest payable		fill in the blank 6cc20501d062f82_35
Notes payable, due June 30, 2018		fill in the blank 6cc20501d062f82_37
Salaries and wages payable		fill in the blank 6cc20501d062f82_39
Total current liabilities			$fill in the blank 6cc20501d062f82_40
Long-term debt:
Bonds payable, due December 31, 2021			fill in the blank 6cc20501d062f82_42
Total liabilities			$fill in the blank 6cc20501d062f82_43
Stockholders' Equity
Contributed capital:
Capital stock, $10 par, 14,700 shares issued and outstanding		$fill in the blank 6cc20501d062f82_45
Paid-in capital in excess of par value		fill in the blank 6cc20501d062f82_47
Total contributed capital		$fill in the blank 6cc20501d062f82_48
Retained earnings		fill in the blank 6cc20501d062f82_50
Total stockholders' equity			fill in the blank 6cc20501d062f82_51
Total liabilities and stockholders' equity			$fill in the blank 6cc20501d062f82_52

2. Compute Ruth's current ratio. Round your answer to two decimal places. fill in the blank 68033f05306e013_1 to 1

3. On the basis of your answer to (2), does Ruth appear to be liquid?