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Please, help me with filling a balance sheet. Using the information below, prepare Statement of Retained Earning and Classified Balance sheet as of December 31,
Please, help me with filling a balance sheet. Using the information below, prepare Statement of Retained Earning and Classified Balance sheet as of December 31, 2020. Also, don't forget the headings for the financial statements.
2. Compute the companys quick ratio. Evaluate this ratio assuming the industry average for the quick
ratio is 1.9 and explain why the ratio is good or bad.
Accumulated depreciation Inventory Land Marketable Securities Notes payable (due in 3 years) Capital Stock Machinery Supplies Expense Service Revenue Utilities Expense Prepaid Insurance (3 months) $12,000 $ 9,000 $ 3,000 $13,000 $ 8,000 $35,000 $52,000 $ 6,000 $70,000 $10,000 $ 6,000 Allowance for Bad Debts $11,000 Taxes Payable $ 2.000 Supplies on hand $ 5,000 Retained Earnings (1/1/2020) $17.000 Accounts Payable $27,000 Dividends $ 4,000 Cash $29,000 Unearned Revenue $ 3,000 Rent Expense $14,000 Accounts Receivable | $18,000 Dividends payable $ 4,000Step by Step Solution
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