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The adjusted trial balance of Wong Consulting Services is as follows: The adjusted trial balance of Wong Consulting Services is as follows: Credit WONG CONSULTING
The adjusted trial balance of Wong Consulting Services is as follows:
The adjusted trial balance of Wong Consulting Services is as follows: Credit WONG CONSULTING SERVICES Adjusted Trial Balance December 31, 2021 Debit Cash $2,600 Accounts receivable 1,000 Prepaid insurance 820 Supplies 150 Furniture 14,100 Accumulated depreciation - furniture Accounts payable Salaries payable Interest payable Unearned revenue Notes payable, due 2026 V. Wong, capital V. Wong, drawings 8,100 Service revenue $1,400 740 600 50 130 2,700 5,000 29,570 680 Rent revenue Depreciation expense Insurance expense Interest expense Rent expense Repairs expense Salaries expense Supplies expense Utilities expense 570 670 100 1,600 230 9,600 850 480 $40,870 $40,870 During the year, the owner V. Wong invested $1,200 in the business. WONG CONSULTING SERVICES Income Statement $ $ LINK TO TEXT WONG CONSULTING SERVICES Balance Sheet Assets $ $ Liabilities and Owner's Equity Liabilities and Owner's Equity $ LINK TO TEXT Calculate the current ratio and the acid-test ratio for Wong Consulting Services. (Round answers to 1 decimal place, e.g. 1.7:1) Current ratio :1 Acid-test ratio :1 LINK TO TEXTStep by Step Solution
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