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i have no clue if i got any of these correct?? Chapter 1 Quiz Calculator Exercise 1-42 Classified Balance Sheet College Spirit sells sportswear with
i have no clue if i got any of these correct?? Chapter 1 Quiz Calculator Exercise 1-42 Classified Balance Sheet College Spirit sells sportswear with logos of major universities. At the end of 2019, the following balance sheet account balances were available Accounts payable $104,700 Income taxes payable $11,400 Accounts receivable 6,700 Inventory 481,400 Accumulated depreciation 23,700 Long-term investment 110,900 Bonds payable 180,000 Note payable, short-term 50,000 Cash 13,300 Prepaid rent (current) 54,000 Common shares 300,000 Retained earnings, 12/31/2019 84,500 Furniture 88,000 Required: 1. Prepare a classified balance sheet for College Spirit at December 31, 2019 College Spirit Balance Sheet December 31, 2019 Assets Current assets: Cash 13,300 Accounts receivable 6.700 Inventory 481,400 Required: 1. Prepare a classified balance sheet for College Spirit at December 31, 2019 College Spirit Balance Sheet December 31, 2019 Assets Current assets: Cash 13,300 Accounts receivable Inventory 401.400 Prepaid rent 56,000 555,400 Total current assets Long-term investments: Investment 110,900 Property, plant, and equipment: Furniture 88,000 Less: Accumulated depreciation -23,700 Total assets 64.300 Liabilities Current linbilities: Accounts payable 104,700 Total current liabilities Long-term liabilities: Total liabilities Stockholders' Equity E Total stockholders' equity Total abilities and stockholders' equity D 2. Compute College Spirit's working capital and current ratio at December 31, 2019. Round the current ratio answer to two decimal places Working Capital Current Ratio 3. Conceptual Connection: Comment on College Spirit's liquidity as of December 31, 2019. The working capital and current ratios show that College Spirit adequate current assets to cover all of the current abilities that will become due in the near future
i have no clue if i got any of these correct??
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