Constructing Balance Sheets and Interpreting Liquidity Measures The following balance sheet data are reported for Bettis Contractors at June 30. Accounts payable $8,900 Common stock Cash Supplies $100,000 14,700 Retained earnings 30,500 Notes payable ? 30,000 Equipment Land 98,000 Accounts receivable 25,000 9,200 Assume that during the next two days only the following three transactions occurred: July 1 Paid $5,000 cash toward the notes payable owed. July 2 Purchased equipment for $10,000, paying $2,000 cash and an $8,000 note payable for the remaining balance. July 2 Declared and paid a $5,500 cash dividend. a. and b. Prepare a balance sheet at June 30 and July 2. Bettis Contractors Balance Sheets Assets Cash Current assets Total assets Liabilities Total liabilities Stockholders' equity June 30 July 2 +A 0 $ 0 0 0 0 0 0 0 0 0 = 0 0 $ 0 $ 0 +A $ 0 $ 0 0 0 0 0 0 0 0 0 Total stockholders' equity 0 0 Total liabilities and stockholders' equity $ 0 $ 0 c. Calculate its current and quick ratios at June 30. (Notes Payable is a noncurrent liability.) Round to two decimal places. Current ratio 0 Quick ratio 0