Please avoid solutions image based thanx AssetsBalance sheet information for Lang Services at the end of 2018 and 2017 is:Accounts ReceivableNotes PayableCashEquipmentSupplies$ 24600Accounts PayableAccounts ReceivableSuppliesEquipmentTotal AssetsLiabilitiesAccounts PayableNotes PayableTotal Liabilities+ $+Current Ratio:$Quick Ratio: 1.81+ $December 3120180 $Stockholders' EquityStockholders' Equity+32700Total Liabilities and Stockholders Equity $ 32700 $2280047003200059500 $Stockholders' Equity ?a. Prepare its balance sheet for December 31 of each year.-25000 $180026800December 31,20182017$22,8001,80010,00032,0004,70025,0000175004200270004870025000160026600December 31,20172210022100$17,5001,6008,00027,0004,20025,000b. Lang Services raised $5,000 cash through issuing additional common stock early in 2018, and it declared and paid a $17,000 cash dividend inDecember 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.)

A balance sheet is the financial statement that records all the assets, liabilities and…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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