Reference no: EM132573983
Question - Gloria Company's December 31, 2021, trial balance includes the following accounts:
Accounts payable $29,400
Accounts receivable 52,000
Interest payable 700
Bank demand loan payable 10,000
Cash 3,000
Income taxes payable 1,200
Inventory 27,000
Mortgage payable 60,000
Note payable 5,000
Prepaid expenses 1,200
Other information: The mortgage payable is due in annual principal instalments of $4,000 per year.
The note payable is due in full in 18 months' time.
Industry average working capital ratio is 2.5:1
Instructions -
a) Prepare the current liabilities section of Gloria's December 31, 2021, balance sheet.
b) Calculate and comment on Gloria's working capital and current ratio.
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