Use the followng to answer questons 1and 2 below.

Below s the year end adjusted tral balance of the legder of Big Bright Lights Electric.

Big Bright Lights Electric

Adjusted Trial Balance

Dec 31,20xx

Cash $100,000

Accounts receivable 7,000

Prepaid rent 15,000

Prepaid insurance 9,000

Office supplies 3,300

Office equipment 8,000

Accumulated amortization,equipment $3,200

Building 350,000

Accumulated amortization,building 42,000

Land 700,000

Accounts payable 5,800

Salaries payable 14,500

nterest payable 2,500

Long-term note payable 52,000

Margarita Acosta,capital 1,010,000

Margarita Acosta,withdrawals 200,500

Service fee earned 370,800

Salaries expense 90,000

Insurance expense 5,200

rent expense 5,000

Amortization expense,equipment 800

Amortization expense,building 7,000

Totals 1,500,800 1,500,800

1. classified year-end balance sheet. A $7,000 installment on the long term note

payable is due within one year.

2.Using the information from Big Brigt Light Electric, calculate the current ratio.