General Instructions 1. The following worksheet may be used to complete the exercise/problem. You may need to refer to your textbook for additional information. 2. The blue cells are for data entry. Enter text in the T cells, formulas in the F cells, and dollars or numbers in the $ cells. 3. The completed exercise/problem may be printed or e-mailed per direction from your instructor. P2-3A The following balance sheet items, listed in alphabetical order, are available from the records of Singer Compnay at December 31, 2016: Accounts payable34,280 Accounts receivable26,700 Accumulated depreciationbuildings40,000 Accumulated depreciationequipment12,500 Bonds payable, due December 31, 2022250,000 Buildings150,000 Capital stock, $1 par value200,000 Cash60,790 Equipment84,500 Income taxes payable7,500 Interest payable2,200 Land250,000 Marketable securities15,000 Merchandise inventory112,900 Notes payable, due April 15, 20176,500 Office supplies400 Paid-in capital in excess of par value75,000Patents45,000 Prepaid rent3,600 Retained earnings113,510 Salaries payable7,400 Required 1. Prepare a classified balance sheet as of December 31, 2016 Note: List assets and liabilities in the order of liquidity SINGER COMPANY BALANCE SHEET DECEMBER 31, 2016 Assets Current assets: T $ T $ T $ T $ T $ T $ Total current assets F Property, plant, and equipment: T $ T$ T$F T$ T$F Total property, plant, and equipment F Intangible assets: T $ Total assets F Liabilities Current liabilities: T $ T $ T $ T $ T $ Total current liabilities F Long-term debt: T $ Total liabilities F Stockholders Equity Contributed capital: T T $ T $ Total contributed capital F T $ Total stockholders equity F Total liabilities and stockholders equity F 2. Compute Singers current ratio. (Round answers to 2 decimal places) Current Ratio$=F $ 3. On the basis of your answer to (2), does Singer appear to be liquid? What other information do you need to fully answer that question? T T T T T T