Cash Accounts receivable Prepaid rent Prepaid Insurance Office supplies Office equipment Accumulated depreciation Equipment Building Accumulated depreciation Building Land Accounts payable Salaries payable Interest payable Long-term note payable P. Blessinger, Capital P. Blessinger, Withdrawals Show Transcribed Text Service fees earned Salaries expense Insurance expense Rent expense Depreciation expense-Equipment Depreciation expense-Building Totals Show Transcribed Text Required: BLESSINGER CO. Adjusted Trial Balance December 31 $112,000 27,000 15,000 9,000 3,300 38.000 288,000 700,000 200,500 90,000 5,200 5,000 800 7,000 $1,500,800 $3,200 42,000 25,800 14,500 2,500 72,000 910,000 430,800 $1,500,800 (a) Determine the amounts of current assets and current liabilities. (Note: A $9,000 installment on the long-term note payable is due within one year.) (b) Calculate the current ratio. Comment on the ability of Blessinger Co. to meets its short-term debts.
Cash Accounts receivable Prepaid rent Prepaid Insurance Office supplies Office equipment Accumulated depreciation Equipment Building Accumulated depreciation Building Land Accounts payable Salaries payable Interest payable Long-term note payable P. Blessinger, Capital P. Blessinger, Withdrawals Show Transcribed Text Service fees earned Salaries expense Insurance expense Rent expense Depreciation expense-Equipment Depreciation expense-Building Totals Show Transcribed Text Required: BLESSINGER CO. Adjusted Trial Balance December 31 $112,000 27,000 15,000 9,000 3,300 38.000 288,000 700,000 200,500 90,000 5,200 5,000 800 7,000 $1,500,800 $3,200 42,000 25,800 14,500 2,500 72,000 910,000 430,800 $1,500,800 (a) Determine the amounts of current assets and current liabilities. (Note: A $9,000 installment on the long-term note payable is due within one year.) (b) Calculate the current ratio. Comment on the ability of Blessinger Co. to meets its short-term debts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Cash
Accounts receivable
Prepaid rent
Prepaid Insurance
Office supplies
Office equipment
Accumulated depreciation Equipment
Building
Accumulated depreciation Building
Land
Accounts payable
Salaries payable
Interest payable
Long-term note payable
P. Blessinger, Capital
P. Blessinger, Withdrawals
Show Transcribed Text
Service fees earned
Salaries expense
Insurance expense
Rent expense
Depreciation expense-Equipment
Depreciation expense-Building
Totals
Show Transcribed Text
Required:
BLESSINGER CO.
Adjusted Trial Balance
December 31
$112,000
27,000
15,000
9,000
3,300
38.000
288,000
700,000
200,500
90,000
5,200
5,000
800
7,000
$1,500,800
$3,200
42,000
25,800
14,500
2,500
72,000
910,000
430,800
$1,500,800
(a) Determine the amounts of current assets and current liabilities. (Note: A $9,000 installment
on the long-term note payable is due within one year.)
(b) Calculate the current ratio. Comment on the ability of Blessinger Co. to meets its short-term
debts.
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education