East Hill Home Healthcare Services was organized five years ago by four friends who each invested $11,000 in the company and in turn, were issued in total 8,700 shares of $100 par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records reflected total assets of $738,000 ($53,000 cash. 5514.000 land: $55.000 equipment and $116.000 buildings), total liabilities of $207,000 (short-term notes payable $101,000 and long term notes payable 5106.000), and stockholders equity of $531000 ($23,000 common stock $91,000 additional paid in capital and $417000 retained earnings). During the current year, the following summarized events occurred: a. Sold 10,500 additional shares of stock to the original organizers for a total of $95.000 cash, b. Purchased a building for $68.000, equipment for $16.000, and four acres of land for $23.000 paid $16.000 in cash and signed a note for the balance (due in 15 years). (Hint Five different accounts are offected) c Sold one acre of land acquired in (0) for $5.750 cash to another company d. Purchased short-term investments for $12,500 cash e. One stockholder reported to the company that 390 shares of his East Hill stock had been sold and transferred to another stockholder for $3,200 cash. 1. Lent one of the shareholders 55,100 for moving costs and received a signed, six-month note from the shareholder 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, you have decided to complete the tabulation that follows and to use plus (+) for increases and minus (-) for decreases for each account. 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, 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, you have decided to complete the tabulation that follows and to use plus (+) for increases and minus (-)for decreases for each account. The first events 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 Was East Hill Home Healthcare Services organized as a sole proprietorship, a partnership, or a corporation The company was organisms Required 2 > Sole proprietorship Partnership Corporation Required 1. Was East Hill Home Healthcare Services organized as a sole proprietorsh a partnership or corporation 2. During the current year, the records of the company were adequate You were asked to prepare the summary of transactions shown above. To develop a case of the economics and Home Heathcare Services you have decided to complete the button that and to us for increases and minus - for deres for each account. The fat event used as an example 4. Based only on the completation provide the following amount 5. Compute the current for the current Complete set by entering your own in the this below Required > During the current year, they were interessed to prepare the summary of transactions when above, to develop them affection Service you have decided to complete the tabulation that follows and telefono storforschunt. The wanted as an example Show less Whet Telem Pays 181000 100 000 Com Shock 23000 10 417 000 51400 TO 55.000 000 BUS Be ( (b) 53000 95.000 hi 14 C) (d) ce) 15 in Ne 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, you have decided to complete the tabulation that follows and to use plus (+) for increases and minus (-) for decreases for each account. 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: Required 2 Required 4 Required 5 Based only on the completed tabulation, provide the following amounts: b c d Total assets at the end of the year Total liabilities at the end of the year Total stockholders equity at the end of the year Cash balance at the end of the year Total current assets at the end of the year 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, you have decided to complete the tabulation that follows and to use plus (9 for increases and minus (-) for decreases for each account. 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 Required 5 Compute the current ratio for the current year. (Round your answer to 2 decimal places.) Current ratio (Required 4 Required) Pro Next