College Spirit sells sportswear with logos of major universities. At the end of 2019, the following balance sheet account balances were available.

Accounts payable	$104,700	Income taxes payable	$ 11,400
Accounts receivable	6,700	Inventory	481,400
Accumulated depreciation	23,700	Long-term investment	110,900
Bonds payable	180,000	Note payable, short-term	50,000
Cash	13,300	Prepaid rent (current)	54,000
Common stock	300,000	Retained earnings, 12/31/2019	84,500
Furniture	88,000

Required:

1.	Prepare a classified balance sheet for College Spirit at December 31, 2019.
2.	Compute College Spirits working capital and current ratio at December 31, 2019.
3.	Conceptual Connection: Comment on College Spirits liquidity as of December 31, 2019.
Labels
Current assets
Current liabilities
December 31, 2019
For the year ended December 31, 2019
Long-term investments
Long-term liabilities
Property, plant, and equipment
Stockholders equity
Amount Descriptions
Total assets
Total current assets
Total current liabilities
Total liabilities
Total liabilities and stockholders equity
Total stockholders equity

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