Required information [The following information applies to the questions displayed below.] Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporated-a company that sells de- motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations. a. Received $47,000 cash from the investors who organized Down, Incorporated b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $15,000. d. Purchased $11,000 in equipment, paying $4,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (c), paid for half of it, and put the rest on account. 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. DOWN.INCORPORATED Balance Sheet Charlie's Crispy Chicken (CCC) operates a fast-food restaurant. When accounting for its first year of business, CCC created several accounts. Account Name Balance Description $ Accounts Payable Payment is due in 30 days 2,700 Cashi Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Salaries and Wages Payable Supplies Required: 1,450 Includes cash in register and in bank account 34,000 Stock issued in exchange for owners' contributions 47,000 Includes deep fryers, microwaves, dishwasher, etc. 22,400 Held for future site of new restaurant 32,000 Payment is due in six years 3,700 Total earnings through September 30 550 Payment is due in 7 days 2,100 Includes serving trays, condiment dispensers, etc. 1. Using the above descriptions, prepare a classified balance sheet at September 30. 2. Calculate CCC current ratio. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Using the above descriptions, prepare a classified balance sheet at September 30. CHARLIE'S CRISPY CHICKEN Balance Sheet 0 0 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Using the above descriptions, prepare a classified balance sheet at September 30. CHARLIE'S CRISPY CHICKEN Balance Sheet 0 0 0 0 $ 0 0 1. Using the above descriptions, prepare a classified balance sheet at September 30. 2. Calculate CCC current ratio. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate Charlie's Crispy Chicken current ratio. (Round your answer to 2 decimal places.) CCC's current ratio < Required 1 Required 2 >