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East Hill Home Healthcare Services was organized on January 1, 2019 by four friends. Each organizer invested $10,000 in the company and, in tum, was

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East Hill Home Healthcare Services was organized on January 1, 2019 by four friends. Each organizer invested $10,000 in the company and, in tum, was issued 8,000 shares. To date, they are the only shareholders. At the end of 2020, the accounting records reflected total assets of $935,000 ($80,000 cash, $600,000 land, $80,000 equipment, and $175,000 buildings), total liabilities of $435.000 (short term notes payable of $100,000 and long term notes payable of $335,000), and shareholders' equity of $500,000 ($100,000 contributed capital and $400,000 retained earnings) The following summarized events occurred during January 2021 Sold 9,000 additional shares to the original organizers for a total of $90,000 cash b. Purchased a building for $59.000, equipment for $15,000, and fout acres of land for $14.000; paid $8,000 in cash and signed a note for the balance (due in 15 years). (Hint: Flve different accounts are affected.) c Sold one acre of land acquired in (b) for $3,500 cash to another compariy d. Purchased short-term investments for $15,500 cash e. One shareholder reported to the company that he sold 600 East Hill shares to another shareholder for $6.000 cash Lent $6,500 to one of the shareholders for moving costs receiving 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? Sole proprietorship O Partnership Corporation Required: 1. Was East Hill Home Healthcare Services organized as a sole proprietorship, a partnership, or a corporation? O Sole proprietorship O Partnership Corporation 2. During January 2021, the records of the company were inadequate. You were asked to prepare the summary of the preceding transactions. To develop a quick assessment of their economic effects on East Hill Home Healthcare Services. (If a transaction does not require an entry, leave the cells blank. Enter any decreases to account balances with a minus sign.) Assets Liabilities Shareholders' Equity Cash Short-Term Notes Investments Receivable Land Buildings Equipment Short- Term Notas Payable 100,000 Long-Term Notes Payable Contributed Retained Capital Earnings Bog 80,000 600,000 175.000 30.0001 335 000 a 100,000 400,000 c d 1 3. This part of the question is not part of your Connect assignment 4. Based only on the completed tabulation, provide the following amounts at January 31, 2021. a Total assets b. Total liabilities c Total shareholders' equity d. Cash balance e Total current assets 5. Compute the current ratio at January 31, 2021. (Round the final answer to 2 decimal places.) Current ratio

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