Question
The adjusted trial balance for Marigold at December 31, 2019, contains the following accounts. Debit Credit Buildings $128,100 Common Stock $93,550 Accounts Receivable 14,000 Retained
The adjusted trial balance for Marigold at December 31, 2019, contains the following accounts.
Debit | Credit | |||||
---|---|---|---|---|---|---|
Buildings | $128,100 | Common Stock | $93,550 | |||
Accounts Receivable | 14,000 | Retained Earnings | 25,750 | |||
Prepaid Insurance | 4,100 | Accumulated DepreciationBuildings | 43,100 | |||
Cash | 19,600 | Accounts Payable | 11,600 | |||
Equipment | 62,000 | Notes Payable | 96,100 | |||
Land | 68,500 | Accumulated DepreciationEquipment | 17,400 | |||
Insurance Expense | 500 | Interest Payable | 2,300 | |||
Depreciation Expense | 6,600 | Service Revenue | 15,900 | |||
Interest Expense | 2,300 | |||||
$305,700 | $279,950 |
Prepare a classified balance sheet; assume that $21,000 of the note payable will be paid in 2020.
By how much does current assets exceed current liabilities?
Current assets exceed current liabilities by $enter a dollar amount . |
What percentage of current assets are in the form of cash? (Round answer to 2 decimal places, e.g. 15.25%.)
Percentage of current assets in the form of cash enter percentages rounded to 2 decimal places %. |
Determine the company's liquidity.
Current assets exceed current liabilities by how much______
What percentage of current assets are in the form of cash? (Round answer to 2 decimal places, e.g. 15.25%.)
Percentage of current assets in the form of cash________%
Determine the company's liquidity_________
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