Reference no: EM132671602
Current Liabilities and Ratios Several accounts that appeared on Atunlu's 2017 balance sheet are as follows:
Accounts Payable $79,000
Equipment $950,000
Netable S 40,000
Taxes Payable 15,000
Accounts Receivable 97,200
Retained Earnings 250,000
Notes Payable, 12%, due in 60 days 20,000
Inventory 165,000
Capital Stock 1,150,000
Allowance for Doubtful Accounts 20,000
Salaries Payable 10,000
Land 600,000
Cash 65,000
Required:
Problem 1. Prepare the Current Liabilities section of Atunlu's 2017 balance sheet. Atunlu Partial Balance Sheet As Of December 31, 2017 Current liabilities: Total current liabilities
Problem 2. Compute Atunlu's working capital.
Problem 3. Compute Atunlu's current ratio. Round your answer to one decimal place. What does this ratio indicate about Atunlu's condition?
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