Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Proper Solutions has the following balances as at September 30, 2019. Cash Tran, Capital $26,500 $ 80,600 Bank Loan, Long-Term Portion $ 12,000 Accounts Payable

Proper Solutions has the following balances as at September 30, 2019. Cash Tran, Capital $26,500 $ 80,600 Bank Loan, Long-Term Portion $ 12,000 Accounts Payable Accounts Receivable Unearned Revenue Merchandise Inventory Bank Loan, Current Portion Equipment Required $ 17,400 $21,000 $ 10,000 $28,700 $ 6,000 $49,800 a) Prepare a classified balance sheet using the balances listed above. Do not enter dollar signs or commas in the input boxes Round all answers to 2 decimal places. Select accounts according to their classification. If more than one account is used under list above. For example, if cash and accounts receivable are both current assets choose for the second. Assets Current Assets Proper Solutions Classified Balance Sheet As at September 30, 2019 e here to search Et Assets Current Assets Proper Solutions Classified Balance Sheet As at September 30, 2019 O 0 Total Current Assets: Property, Plant, and Equipment Total Property, Plant, and Equipment Total Assets Liabilities Current Liabilities Total Current Liabilities Long-Term Liabilities Total Long-Term Liabilities Total Liabilities Type here to search O D b) Calculate the working capital for Proper Solutions. Working Capital = $ c) Calculate the current ratio for Proper Solutions. Current Ratio = d) Calculate the quick ratio for Proper Solutions. Quick Ratio= e here to search F1 4. NIimage text in transcribedimage text in transcribedimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Construction Accounting And Financial Management

Authors: Steven J. Peterson

4th Edition

0135232872, 978-0135232873

More Books

Students also viewed these Accounting questions

Question

Personal role: This consists of service to family and friends.

Answered: 1 week ago