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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
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 | $18,800 | Income taxes payable | $6,010 | |
Accounts receivable | 21,180 | Interest payable | 1,495 | |
Accumulated depreciation - automobiles | 23,800 | Inventory | 42,330 | |
Accumulated depreciation - buildings | 43,900 | Land | 245,000 | |
Automobiles | 119,000 | Long-term investments | 93,445 | |
Bonds payable, due December 31, 2021 | 172,000 | Notes payable, due June 30, 2018 | 11,000 | |
Buildings | 219,500 | Office supplies | 2,495 | |
Capital stock, $10 par value | 144,000 | Paid-in capital in excess of par value | 52,000 | |
Cash | 13,745 | Patents | 36,000 | |
Prepaid rent | 1,645 | |||
Retained earnings | 317,335 | |||
Salaries and wages payable | 4,000 |
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: | |||
$ | |||
Total current assets | $ | ||
Property, plant, and equipment: | |||
$ | |||
$ | |||
$ | |||
Total property, plant, and equipment | |||
Intangible assets: | |||
Total assets | $ | ||
Liabilities | |||
Current liabilities: | |||
$ | |||
Total current liabilities | $ | ||
Long-term debt: | |||
Total liabilities | $ | ||
Stockholders' Equity | |||
Contributed capital: | |||
$ | |||
Total contributed capital | $ | ||
Total stockholders' equity | |||
Total liabilities and stockholders' equity | $ |
2. Compute Ruth's current ratio. Round your answer to two decimal places. to 1
3. On the basis of your answer to (2), does Ruth appear to be liquid?
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