Problem 2-3 Classified Balance Sheet LO3 The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2016: Accounts payable $ 18,255 $ 6,200 Income taxes payable Accounts receivable 23,450 Interest payable Inventory Land 1,500 Accumulated depreciation- automobiles 45,730 22,500 250,000 Accumulated depreciation- buildings Long-term investments Notes payable, due June 30, 2017 Office supplies 85,000 10,000 40,000 112,500 Automobiles Bonds payable, due December 31, 2020 2,340 50,000 Paid-in capital in excess of par value 40,000 160,000 Patents 1,500 Prepaid rent Retained earnings 200,000 3uildings Capital stock, $10 par value Cash 311,095 150,000 200 Salaries and wages payable 13,230 Chapter 2 Financial Statements and the Annual Report Required 1. Prepare in good form a classified balance sheet as of December 31, 2016. 2. Compute Ruth's current ratio. 3. On the basis of your answer to (2), does Ruth appear to be liquid? What other information do you need to fully answer that