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The accounts of Mountain Lodge Services, Inc., at January 31, 2016, are listed in alphabetical order. (Click the icon to view the accounts.) Requirements 1.
The accounts of Mountain Lodge Services, Inc., at January 31, 2016, are listed in alphabetical order. (Click the icon to view the accounts.) Requirements 1. Prepare the company's classified balance sheet at January 31, 2016. Show captions for total assets, total liabilities, and total liabilities and stockholders' equity. 2. Compute Mountain Lodge's net working capital, current ratio, and debt ratlo at January 31, 2016, rounding to two decimal places. At January 31, 2015, net working capital was $20,800, the current ratio was 1.85, and the debt ratio was 0.15. Did Mountain Lodge's ability to pay both current and total debts improve or deteriorate during fiscal 2016? Evaluate Mountain Lodge's debt position as strong or weak and give your reason. Requirement 1. Prepare the company's classified balance sheet at January 31, 2016. Show captions for total assets, total liabilities, and total liabilities and stockholders' equity. (If a box is not used in the balance sheet leave the box empty; do not select a label or enter a zero.) A Data Table Mountain Lodge Services, Inc. Balance Sheet January 31, 2016 Assets 7 Accounts payable.... $ 12,800 Interest expense.......... S 200 Accounts receivable 16,300 Note payable, long term..... 15,600 Accumulated depreciation, Other assets, long-term ... 14,100 equipment..... 7,100 Prepaid expenses..... 6,100 Advertising expense 11,000 Retained earnings, Cash 17,600 January 31, 2015 13,000 Common stock 8,700 Salary expense. 26,200 Current portion of long-teru Salary payable 3,500 note payable 2,000 Service revenue. 91,500 Depreciation expense-equipment 2.000 Supplies.... 3,400 Dividends declared .. 13,000 Supplies expense. 4,500 Equipment 41,700 Uneamed service revenue. 3,900 Mountain Lodge's total expenses for the year ended January 31, 2016 arcunted to 543,900 Choose from any list or enter any number in the input fields and then continue to the next
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