Question
The following items are taken from the financial statements of BGS Company for 2012: Cash $500,000 Accounts Receivable 200,000 Supplies 70,000 Accounts Payable 147,300 Unearned
The following items are taken from the financial statements of BGS Company for 2012:
Cash $500,000
Accounts Receivable 200,000
Supplies 70,000
Accounts Payable 147,300
Unearned Service Revenue 18,000
Equipment, net of accumulated depreciation 212,000
Common stock 500,000
Retained Earnings 12/31/2011 78,300
Long-term debt 142,400
Service Revenue 240,000
Cost of Goods Sold 72,000
Rent expense 36,000
Supplies expense 12,000
Insurance Expense 24,000
a) Please create a classified balance sheet in good form for the year ended 2012.
b) Please calculate the current ratio.
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