The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2010:

Required
1. Prepare in good form a classified balance sheet as of December 31, 2010.
2. Compute Ruth€™s current ratio.
3. On the basis of your answer to (2), does Ruth appear to be liquid? What other information do you need to fully answer thatquestion?

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S 6,200 1,500 45,730 250,000 85,000 Notes payable, due June 30, 2011 10,000 2,340 Paid-in capital in excess of par value 50,000 40,000 1,500 311,095 4,200 Accounts payable Accounts receivable Accumulated depreciation $ 18,255 23,450 Interest payable 22,500 Land 40,000 Income taxes payable Inventory Long-term investments automobiles Accumulated depreciation- buildings Automobiles Bonds payable, due December 31, 112,500 Office supplies 2014 Buildings Capital stock, $10 par value Cash 200,000 Patents Prepaid rent 150,000 Retained earnings 13,230 Salaries and wages payable