Create a classified balance sheet in good form

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Reference no: EM131790102

The following items are taken from the financial statements of BGS Company for 2012:

Cash $500,000

Accounts Receivable 200,000

Supplies 70,000

Accounts Payable 147,300

Unearned Service Revenue 18,000

Equipment, net of accumulated depreciation 212,000

Common stock 500,000

Retained Earnings 12/31/2011 78,300

Long-term debt 142,400

Service Revenue 240,000

Cost of Goods Sold 72,000

Rent expense 36,000

Supplies expense 12,000

Insurance Expense 24,000

a) Please create a classified balance sheet in good form for the year ended 2012.

b) Please calculate the current ratio.

Reference no: EM131790102

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