East Hill Home Healthcare Services was organized five years ago by four friends who each invested $$10,000$ in the company and, in turn, were issued in total $8,000$ shares of $$1\mathrm{.}00$ par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records reflected total assets of $$700,000($$$50,000$ cash; $$500,000$ land; $$50,000$ equipment; and $$100,000$ buildings$),$ total liabilities of $$200,000($short$-$term notes payable $$100,000$ and long$-$term notes payable $$100,000),$ and stockholders$$ equity of $$500,000($$$20,000$ common stock; $$80,000$ additional paid$-$in capital; and $$400,000$ retained earnings$).$ During the current year, the following summarized events occurred:

Sold $9,000$ additional shares of stock to the original organizers for a total of $$90,000$ cash.

Purchased a building for $$60,000,$ equipment for $$15,000,$ and four acres of land for $$14,000$; paid $$9,000$ in cash and signed a note for the balance $($due in $15$ years$).($Hint: Five different accounts are affected.$)$

Sold one acre of land acquired in $($b$)$ for $$3,500$ cash to another company.

Purchased short$-$term investments for $$18,000$ cash.

One stockholder reported to the company that $300$ shares of his East Hill stock had been sold and transferred to another stockholder for $$3,000$ cash.

Lent one of the shareholders $$5,000$ for moving costs and received a signed, six$-$month note from the shareholder.

Borrowed $$8,000$ from a local bank; signed a note due in six months.

Required:

Was East Hill Home Healthcare Services organized as a sole proprietorship, a partnership, or a corporation?

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.

Based only on the completed tabulation, provide the following amounts.

Compute the current ratio for the current year.