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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.

FINANCIAL ACCOUNTING
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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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.
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.
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