Question
The following items are taken from the financial statements of SGB Company for 2013: Cash $300,000 Accounts Receivable 150,000 Inventory 70,000 Accounts Payable 13,000 Supplies
The following items are taken from the financial statements of SGB Company for 2013:
Cash
$300,000
Accounts Receivable
150,000
Inventory
70,000
Accounts Payable
13,000
Supplies
20,000
Salaries Payable
10,000
Unearned Revenue
25,000
Intangible assets
98,000
Property, plant, and equipment, net
176,000
Common Stock
50,000
Additional Paid-in Capital
150,000
Retained Earnings, 12/31/2012
78,300
Long-term debt
275,000
Service revenue
483,700
Cost of Goods Sold
170,000
Rent expense
50,000
Supplies expense
15,000
Insurance expense
36,000
Instructions:
(1) classified balance sheet in good form for the year ended 2013. (30 points)
(2) Calculate the current ratio and debt ratio and explain your findings. (6 points)
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Financial Accounting
Authors: Jan Williams, Susan Haka, Mark S Bettner, Joseph V Carcello
16th edition
1259692396, 77862384, 978-0077862381
