East Hill Home Healthcare Services was organized five years ago by four friends who each invested $14,000 in the company endin tura, were issued in total 8,300 shares of $100 per value common stock. To date, they are the only stockholders. At the end of last year, the eccounting records reflected total assets of $716,000 (559,000 cash $503,000 load $53.000 equipment and $101,000 buildings), total liabilities of $213,000 (short-term notes payable $102.000 and long-term notes payabie $11000, and stockholders equity of $503,000 ($21000 common stock $83,000 edditional paid-in capital and $399,000 retained eamings) During the current year, the following summarized events occured a Sold 10,500 additional shares of stock to the original organizers for a total of $107000 cash b. Purchased a building for $61,000, equipment for $12,000, and four acres of land for $18,000, peld $12000 in cash and signed a note for the balance (due in 15 years) (Hint Five different accounts ore effected) c Sold one acre of land acquired in (29 for $4,500 cosh to another company d Purchased short-term investments for $11,000 cash e One stockholder reported to the company that 320 shares of his East Hill stock had been sold and transferred to another Mockholder for $4,000 cash 1 Lent one of the shareholders $6,000 for moving costs and received a signed, six month note from the shareholder 9. Borrowed $8,000 from a local bank, signed e note due in six months Required: 1. Was East Hill Home Healthcare Services organized as a sole proprietorship, a partnership, or a corporation? 2. During the current year the records of the company were inadequate You were asked to prepare the summary of transections shown above. To develop a quick assessment of their economic effects on East Hill Home Healthcare Services, complete the tabulation that follows. The first event is used as an example 4. Based only on the completed tabulation, provide the following amounts 5. Compute the current ratio for the current year Complete this question by entering your answers in the tabs below. Required 1 Required 2 Requr ed Recured Dung the current year, the records of the company were adecuace. You were asked to prepare the summary fractions shown above. To develop ack asessment of the economic eff Heahcare Services, complete the tabulation that follows. The fest event is used as an example Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 4 Required 5 During the current year, the records of the company were inadequate. You were asked to prepare the summary of transactions shown above. To develop a quick assessment of their economic eff Healthcare Services, complete the tabulation that follows. The first event is used as an example. Note: Enter decreases to accounts with a minus sign Attu Liables Cash Short-Term Investments Notes Receivable Land Buildings Short-Term Long-Term Equipment Beginning (0) 59,000 503.000 101,000 53,000 Notes Payable Notes Payable 102,000 111,000+ Common Stock 21,000 Pidin Capital 83.000 Regained Earnings 300,000 10,500 06.500 (c) (d) (e) 30 107,000 + . (0) 186,000 0 503.000 101,000 53.000 100,000 111,000 31.000 179.500 300.000 Required 1 Required> 110PM Breaking news A Saved f. Lent one of the shareholders $6,000 for moving costs and received a signed, six-month note from the shareholder. g. Borrowed $8,000 from a local bank; signed a note due in six months. Required: 1. Was East Hill Home Healthcare Services organized as a sole proprietorship, a partnership, or a corporation? 2. During the current year, the records of the company were inadequate. You were asked to prepare the summary of transactic shown above. To develop a quick assessment of their economic effects on East Hill Home Healthcare Services, complete the tabulation that follows. The first event is used as an example. 4. Based only on the completed tabulation, provide the following amounts. 5. Compute the current ratio for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 4 Required 5 Based only on the completed tabulation, provide the following amounts. a. Total assets at the end of the year. b. Total liabilities at the end of the year. c. Total stockholders' equity at the end of the year. d. Cash balance at the end of the year. e. Total current assets at the end of the year. Saved c. Sold one acre of land acquired in (b) for $4,500 cash to another company. d. Purchased short-term Investments for $11,000 cash. e. One stockholder reported to the company that 320 shares of his East Hill stock had been sold and transferred to another stockholder for $4,000 cash. f. Lent one of the shareholders $6,000 for moving costs and received a signed, six-month note from the shareholder g. Borrowed $8,000 from a local bank, signed a note due in six months. Required: 1. Was East Hill Home Healthcare Services organized as a sole proprietorship, a partnership, or a corporation? 2. During the current year, the records of the company were inadequate. You were asked to prepare the summary of transactions shown above. To develop a quick assessment of their economic effects on East Hill Home Healthcare Services, complete the tabulation that follows. The first event is used as an example. 4. Based only on the completed tabulation, provide the following amounts. 5. Compute the current ratio for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 4 Required 5 Compute the current ratio for the current year. Note: Round your answer to 2 decimal places. Current ratio < Prax 4 of 4 Next