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Compute rodriguezs tools current and debt to equity ratio

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Reference no: EM13884680

Classified Balance Sheet

The information that follows is from Rodriguez's Tools Company's April 30, 2014, post-closing trial balance.

Account name

Debit

Credit

Cash

31,000

Short-Term Investments

43,500

Accounts Receivable

239,000

Merchandise Inventory

113,000

Notes Receivable

10,000

Interest Payable

930

Sales Supplies

1,280

Office Supplies

540

Deposit for Future Advertising

3,120

Long-Term Notes Payable

99,000

Land

34,700

Delivery Equipment

42,230

Accumulated Depreciation-Delivery Equipment

28,400

Building, Not in Use

72,100

Accounts Payable

129,600

Salaries Payable

4,600

Prepaid Rent

1,800

Prepaid Insurance

3,600

C. Rodriguez, Capital

337,340

Trademark

4,000

Required:

1. Prepare a classified balance sheet for Rodriguez's Tools.

2. Business Application- Compute Rodriguez's Tools' current ratio and debt to equity ratio. (Round to one decimal place.)

3. Business Application- As a user of the classified balance sheet, why would you want to know the current ratio or the debt to equity ratio?

Reference no: EM13884680

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