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I do not have any more information and it will only upload slightly blurry. I am sorry i also do not know how to begin
I do not have any more information and it will only upload slightly blurry. I am sorry
i also do not know how to begin a balance sheet that is why im asking for help on here. thank you
Mabel's Piano Tuning is a company that specializes in piano tuning and repair. Mabel's Piano Tuning employs 11 specially trained piano tuners who will, upon request, drive to a client's location and individually tune or repair each piano. Presented below is the December 31, 2020 pre-closing trial balance for Mabel's Piano Tuning. 1. Prepare a classified balance sheet as of December 31, 2020 in good form like you would present it to a client (i.e. proper heading, dollar signs, underlining, no abbreviations). 2. Calculate working capital and the current ratio, (round the ratio to 2 places past the decimal) Account Title Cash Accounts receivable Allowance for doubtful accounts Inventories Notes receivable Prepaid insurance Equipment Accumulated depreciation - equipment Vehicles Accumulated depreciation - vehicles Investments Copyrights Accounts payable Interest payable Uncanned revenue Taxes payable Wages payable Notes payable Common stock Additional paid-in capital in excess of par Retained earnings Treasury stock Accumulated other comprehensive income loss) Debit 37,000 55,500 7,900 11.900 6.765 4.500 100,000 33,000 12.000 5,700 14,050 288,315 Credit 10.235 550 27,000 19.875 950 1.200 8,000 2,100 22.000 12,000 11.000 173.405 288,315 Additional information: 1. The cash account includes the following items: A commercial checking account at Andante Bank 9,500 A certificate of deposit that matures in 30 days 1.200 Overdraft balance in a commercial checking account at Allegro Bank 50 A petty cash fund 150 A money market fund with check writing privileges 2,000 A certificate of deposit that matures in 180 days 2,700 A separate cash fund restricted for the purchase of a vehicle in 2 years 21,500 2. The investments account includes the following items: Investments in bonds that mature February 15, 2021 3,000 Investments in common stock that Mabel's intends to hold several years 24,000 Mabel's purchased commercial paper in Arpeggio Inc. due in 29 days 6,000 3. The equipment account contains $2,100 of assets which are held for speculation 4. The notes payable account consists of the following separate notes: A $2,000 note due in six months A $8,000 note due in six years A $12,000 note due in three equal annual installments beginning January 2, 2021 5. The common stock account represents 12,000 shares issued of S1 par value common stock. The company has 30,000 shares authorized and 10,000 shares are currently outstanding 6. The treasury stock consists of 2,000 shares which are recorded at cost Step by Step Solution
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