Solution-Create a classified balance sheet in good form

Create a classified balance sheet in good form

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Reference no: EM131807873

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

Instructions

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

(b) Please calculate the current ratio.

Reference no: EM131807873

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Create a classified balance sheet in good form

Reference no: EM131807873

Reference no: EM131807873

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