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The accounts of Red River Services, Inc., at January 31, 2021, are listed in alphabetical order (Click the icon to view the accounts.) The
The accounts of Red River Services, Inc., at January 31, 2021, are listed in alphabetical order (Click the icon to view the accounts.) The Retained Earnings T-account is shown below: (Click the icon to view the T-account.) Read the requirements Requirement 1. Prepare the company's classified balance sheet at January 31, 2021. Complete the assets section in the first step, followed by the liabilities section in the second step, and the shareholders' equity section in the third step. (If an input field is not used in the balance sheet leave the field empty; do not select a label or enter a zero.) Assets Red River Services, Inc. Balance Sheet January 31, 2021 Less Requirements 1. Prepare the company's classified balance sheet at January 31, 2021. 2. Calculate Red River's net working capital, current ratio, and debt ratio at January 31, 2021, rounding to two decimal places. At January 31, 2020, net working capital was $20,600, the current ratio was 1.85, and the debt ratio was 0.25. Did Red River's ability to pay both current and total debts improve or deteriorate during the fiscal year? Evaluate Red River's debt position as strong or weak and give your reason. Print Done
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