Required: 1. Wos East Hill Home Healthcare Services organized as a sole proprietorship, o partnership, of a corporation? Sole proprietorship Partnership Corporation 2 During January 2024, the records of the company were inadequate. You were asked to prepare the summary of the preceding transactions. To develop a quick assessment of their economic effects on East Hill Home Healthcare Services. (if o transoction doe not require an entry, letve the cells blank. Enter ony decreases to account balances with a minus sign.) 2. During January 2024, the records of the company were inadequate You were asked to prepare the summary of the preceding transactions. To develop a quick assessment of their economic effects on East Hill Horne Healthcare Services. (If a transaction does not require an entry, leave the cells blank. Enter any decrenses to account bolonces with a minus sign.) P2-2 (Algo) Determining Financial Statement Effects of Various Transactions, and Interpreting the Current Ratio LO2-3, 2-4, 26 East Hill Home Healthcare Services was organized on January 1,2022 by four friends. Each organizer invested $10,000 in the company and, in tum, wos issued 8,000 shares. To dote, they are the only shareholders. At the end of 2023 , the occounting records refiected total assets of $747,000 ( $56,000 cosh, $520,000 land, $56,000 equipment, and $115,000 buidings), total liabilities of $267,000 (short-term notes payable of $120,000 and long-term notes payoble of $147,000 ), and shareholders equity of $480,000 ( $100,000 contributed capital and $380,000 retained earnings). The following summarized events occurred during January 2024 a. Sold 9,000 odditiond? hares to the original organizers for a total of $90,000 cash b Purchased o building for $47,000, equipment for $12,000, and four actes of land for $12.000, paid $6.000 in cash ond signed a note for the balance (due in 15 years). (Hint five different accounts are offected) c. Sold one acre of land acquited in (b) for $3,500 cash to another compony. d. Purchased shortterm investments for $13,000cash e. One shareholder reported to the company that he sold 300 Eait Hill shares to oriother aharehoider for $3.000 cash f. Lent $5,300 to one of the shoreholders for moving costs, receiving a sighed six-month note from the shareholder Required: Required: Was East Hili Home Healthcare Services arganized as a sole proprietorship, o portnershlp, or a corporation? 1. Sole prophetorship Portnership Crnmorntion 3. This part of the question is not part of your Connect assignment. 4. Based only on the completed tabulation, provide the following amounts at January 31,2024. 5. Compute the current ratio ot January 31,2024 . (Round the final answer to 2 decimal pleces.)
