The following items are taken from the financial statements of SRW Company for 2012: Cash $375,000 Accounts
Fantastic news! We've Found the answer you've been seeking!
Question:
The following items are taken from the financial statements of SRW Company for 2012:
Cash | $375,000 |
Accounts Receivable | 125,000 |
Prepaid Insurance | 100,000 |
Accounts Payable | 88,000 |
Unearned Service Revenue | 15,000 |
Equipment, net of accumulated depreciation | 177,000 |
Common Stock | 125,000 |
Retained Earnings 12/31/2011 | 106,000 |
Long-term debt | 336,500 |
Service revenue | 225,000 |
Cost of Goods Sold | 62,500 |
Rent expense | 30,000 |
Supplies expense | 8,000 |
Insurance expense | 18,000 |
Instructions (a) Please create a classified Balance Sheet in good form for the year ended 2012. (25 points)
(b) Please calculate the current ratio. (5 points)
Posted Date: