Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available from the records of Singer Company at December 31, 2017: $34,280 Accounts payable Accounts receivable Accumulated depreciation - buildings Accumulated depreciation - equipment Bonds payable, due December 31, 2023 Buildings Capital stock, $1 par value 26,700 40,000 12,500 250,000 Interest payable Land Marketable securities Merchandise inventory Notes payable, due April 15, 2018 office supplies Paid-in capital in excess of par value Patents Prepaid rent Retained earnings Salaries payable $2,200 250,000 15,000 112,900 6,500 400 25,000 45,000 150,000 200,000 60,790 Cash 84,500 3,600 Equipment Income taxes payable 7,500 113,510 7,400 Required: Singer Company Balance Sheet December 31, 2017 Assets Current assets: Total current assets Property, plant, and equipment: DO DO O Total property, plant, and equipment Intangible assets: Total assets Liabilities Current liabilities: Total current liabilities Long-term debt: DOO Total liabilities Stockholders' equity Contributed capital: Total contributed capital Total stockholders' equity Total liabilities and stockholders' equity 2. Compute Singer's current ratio. Round your answer to two decimal places. to 1 3. On the basis of your answer to (2), does Singer appear to be liquid