Unbalanced Company Adjusted Trial Balance December 31, 2019 Credits Debits 84,000 102,000 81,600 12,000 240,000 10,800 144,000 480,000 120,000 168,000 36,000 8,400 Account Title Cash Investments Accounts receivable Allowance for Uncollectible Accounts Inventories Prepaid Insurance Land Buildings Equipment Accumulated depreciation - Buildings Accumulated depreciation - Equipment Patents (net of amortization) Accounts payable Interest payable Notes payable Bonds payable Discount on bonds payable Common stock Additional paid in capital in excess of par Retained earnings (before closing) Other accumulated comprehensive income (loss) Treasury stock, at cost Cash dividends Sales Cost of goods sold 84,000 24,000 156,000 336,000 48,000 120.000 240,000 144,000 14,400 18,000 4,800 120,000 84,000 $ 1,440,000 $ 1,440,000 Required: 1. Prepare a classified balance sheet for Unbalanced Company at December 31, 2019. 2. Calculate the current ratio and working capital (Don't forget to do this!) This assignment should be presented professionally with appropriate $ signs and underlining. The accounts have been adjusted but not closed, so you will need to determine the appropriate balance for Retained Earnings. You can use the attached spreadsheet if you like. It is also available as an Excel spreadsheet in the Assignments folder in WT Class if you prefer to prepare it on the computer. Additional information: 1. The investment account includes the following items: > A $36,000 investment in common stock of another corporation which management intends to hold for at least three years. $20,000 of Treasury bills that were originally issued with a maturity of 45 days. The remainder of these investments is intended to be sold in the coming year. 2. The land account includes land which cost $30,000 that the company does not actively use and is currently listed for sale. 3. The cash account includes the following: $18,000 in a fund that is restricted for the repayment of bonds that mature in 2035 $27,600 of commercial paper that is due in 30 days. $2,000 in a petty cash fund > A commercial checking account at Sad State Bank with an overdraft balance of $5,000 The remaining cash balance is held in a commercial checking account at Happy State Bank 4. The notes payable account consists of the following separate notes: a $24,000 note due in six months a $72,000 note due in six years > a $60,000 note due in five annual installments of $12,000 each, with the next installment due February 29, 2020 (yes, it's leap year!) 5. The corporation has 12,000 shares of $10 par value common stock issued. 60,000 shares have been authorized and 9,000 shares are outstanding