The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2016: Accounts payable $18,255 Income taxes payable $6,200 Accounts receivable 23,450 Interest payable 1,500 Accumulated depreciation - automobiles 22,500 Inventory 45,730 Accumulated depreciation - buildings 40,000 Land 250,000 Automobiles 112,500 Long-term investments 85,000 Bonds payable, due December 31, 2020 160,000 Notes payable, due June 30, 2017 10,000 Buildings 200,000 Office supplies 2,340 Capital stock, $10 par value 150,000 Paid-in capital in excess of par value 50,000 Cash 13,230 Patents 40,000 Prepaid rent 1,500 Retained earnings 311,095 Salaries and wages payable 4,200 Required: 1. Prepare in good form a classified balance sheet as of December 31, 2016. Ruth Corporation Balance Sheet December 31, 2016 Assets Current assets: $ Total current assets Il Property, plant, and equipment: $ Total property, plant, and equipment Intangible assets: Total assets Liabilities Current liabilities: Total current liabilities Long-term debt: Total liabilities Stockholders' Equity Contributed capital: Total contributed capital Total stockholders' equity Total liabilities and stockholders' equity 2. Compute Ruth's current ratio. Round your answer to two decimal places. to 1 3. On the basis of your answer to (2), does Ruth appear to be liquid