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 $19,500 Income taxes payable $6,360 Accounts receivable 24,015 Interest payable 1,480 Accumulated depreciation - automobiles 23,800 Inventory 46,330 Accumulated depreciation - buildings 43,970 Land 256,000 Automobiles 119,000 Long-term investments 92,550 Bonds payable, due December 31, 2021 153,000 Notes payable, due June 30, 2018 9,000 Buildings 219,850 Office supplies 2,130 Capital stock, $10 par value 152,000 Paid-in capital in excess of par value 52,000 Cash 14,500 Patents 39,000 Prepaid rent 1,440 Retained earnings 349,235 Salaries and wages payable 4,470 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?