Create a classified balance sheet in good form for the year

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Reference no: EM132456560

Problem - The following items are taken from the financial statements of BCT Company for 2013:

Cash

$138,800

Accounts Payable

75,000

Supplies

15,000

Accounts Receivable

35,000

Inventory

45,000

Salaries Payable

30,000

Unearned Revenue

45,000

Property, plant, and equipment, net

318,000

Intangible assets

260,000

Common Stock

100,000

Additional Paid-in Capital

400,000

Retained Earnings, 12/31/2012

21,000

Long-term debt

90,000

Service revenue

746,000

Cost of Goods Sold

639,200

Rent expense

30,000

Supplies expense

5,000

Insurance expense

21,000

Required -

(1) Create a classified balance sheet in good form for the year ended 2013.

(2) Calculate the current ratio and debt ratio and explain your findings.

Reference no: EM132456560

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