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Assets Balance sheet information for Lang Services at the end of 2018 and 2017 is: December 31, 2017 Accounts Receivable Notes Payable Cash Equipment Supplies 24600 Accounts Payable Accounts Receivable Supplies Equipment. Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities + $ Stockholders' Equity ? + Stockholders' Equity Stockholders' Equity Total Liabilities and Stockholders' Equity $ Current Ratio: $ Quick Ratio: 1.81 ÷ $ December 31 2018 0 $ $ a. Prepare its balance sheet for December 31 of each year. 22800 4700 32000 59500 $ -25000 $ 1800 26800 December 31, 2018 32700 32700 $ $22,800 2017 1,800 10,000 32,000 4,700 25,000 0 17500 4200 27000 48700 25000 1600 26600 $17,500 22100 22100 1,600 8,000 27,000 4,200 25,000 b. Lang Services raised $5,000 cash through issuing additional common stock early in 2018, and it declared and paid a $17,000 cash dividend. December 2018. Compute its net income or loss for 2018. ? c. Calculate the current ratio and quick ratio for 2018. (Round your answers to one decimal place.)

Assets Balance sheet information for Lang Services at the end of 2018 and 2017 is: December 31, 2017 Accounts Receivable Notes Payable Cash Equipment Supplies 24600 Accounts Payable Accounts Receivable Supplies Equipment. Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities + $ Stockholders' Equity ? + Stockholders' Equity Stockholders' Equity Total Liabilities and Stockholders' Equity $ Current Ratio: $ Quick Ratio: 1.81 ÷ $ December 31 2018 0 $ $ a. Prepare its balance sheet for December 31 of each year. 22800 4700 32000 59500 $ -25000 $ 1800 26800 December 31, 2018 32700 32700 $ $22,800 2017 1,800 10,000 32,000 4,700 25,000 0 17500 4200 27000 48700 25000 1600 26600 $17,500 22100 22100 1,600 8,000 27,000 4,200 25,000 b. Lang Services raised $5,000 cash through issuing additional common stock early in 2018, and it declared and paid a $17,000 cash dividend. December 2018. Compute its net income or loss for 2018. ? c. Calculate the current ratio and quick ratio for 2018. (Round your answers to one decimal place.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Assets Balance sheet information for Lang Services at the end of 2018 and 2017 is: Accounts Receivable Notes Payable Cash Equipment Supplies $ 24600 Accounts Payable Accounts Receivable Supplies Equipment Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities + $ + Current Ratio: $ Quick Ratio: 1.81 + $ December 31 2018 0 $ Stockholders' Equity Stockholders' Equity + 32700 Total Liabilities and Stockholders Equity $ 32700 $ 22800 4700 32000 59500 $ Stockholders' Equity ? a. Prepare its balance sheet for December 31 of each year. -25000 $ 1800 26800 December 31, 2018 2017 $22,800 1,800 10,000 32,000 4,700 25,000 0 17500 4200 27000 48700 25000 1600 26600 December 31, 2017 22100 22100 $17,500 1,600 8,000 27,000 4,200 25,000 b. Lang Services raised $5,000 cash through issuing additional common stock early in 2018, and it declared and paid a $17,000 cash dividend in December 2018. Compute its net income or loss for 2018. ? c. Calculate the current ratio and quick ratio for 2018. (Round your answers to one decimal place.)
Transcribed Image Text:Assets Balance sheet information for Lang Services at the end of 2018 and 2017 is: Accounts Receivable Notes Payable Cash Equipment Supplies $ 24600 Accounts Payable Accounts Receivable Supplies Equipment Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities + $ + Current Ratio: $ Quick Ratio: 1.81 + $ December 31 2018 0 $ Stockholders' Equity Stockholders' Equity + 32700 Total Liabilities and Stockholders Equity $ 32700 $ 22800 4700 32000 59500 $ Stockholders' Equity ? a. Prepare its balance sheet for December 31 of each year. -25000 $ 1800 26800 December 31, 2018 2017 $22,800 1,800 10,000 32,000 4,700 25,000 0 17500 4200 27000 48700 25000 1600 26600 December 31, 2017 22100 22100 $17,500 1,600 8,000 27,000 4,200 25,000 b. Lang Services raised $5,000 cash through issuing additional common stock early in 2018, and it declared and paid a $17,000 cash dividend in December 2018. Compute its net income or loss for 2018. ? c. Calculate the current ratio and quick ratio for 2018. (Round your answers to one decimal place.)
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