Current Liabilities and RatiosSeveral accounts that appeared on Snow's 2017 balance sheet are as follows:Accounts Payable$85,000 Equipment$950,000Marketable Securities40,000 Taxes Payable15,000Accounts Receivable62,000 Retained Earnings250,000Notes Payable, 12%, due in 60 days20,000 Inventory165,000Capital Stock1,150,000 Allowance for Doubtful Accounts20,000Salaries Payable10,000 Land600,000Cash65,000 Required:1. Prepare the Current Liabilities section of Snow's 2017 balance sheet.SnowPartial Balance SheetAs Of December 31, 2017Current liabilities: $fill in the blank 6a3dbfff6060fa4_2 fill in the blank 6a3dbfff6060fa4_4 fill in the blank 6a3dbfff6060fa4_6 fill in the blank 6a3dbfff6060fa4_8Total current liabilities$fill in the blank 6a3dbfff6060fa4_92. Compute Snow's working capital. $fill in the blank 5e3cc8f89fc2046_13. Compute Snow's current ratio. Round your answer to one decimal place. fill in the blank 5e3cc8f89fc2046_2 : 1

Name: Current Liabilities and RatiosSeveral accounts that appeared on Snow's
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Description: Current Liabilities and RatiosSeveral accounts that appeared on Snow's 2017 balance sheet are as follows:Accounts Payable$85,000 Equipment$950,000Marketable Securities40,000 Taxes Payable15,000Accounts Receivable62,000 Retained Earnings250,000Notes P

Current liabilities are the obligations of the entity which are to be paid within one year by using…

Answered: Current Liabilities and Ratios Several…

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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Current Liabilities and Ratios

Several accounts that appeared on Snow's 2017 balance sheet are as follows:

Accounts Payable	$85,000	Equipment	$950,000
Marketable Securities	40,000	Taxes Payable	15,000
Accounts Receivable	62,000	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:

1. Prepare the Current Liabilities section of Snow's 2017 balance sheet.

Snow
Partial Balance Sheet
As Of December 31, 2017
Current liabilities:
	$fill in the blank 6a3dbfff6060fa4_2
	fill in the blank 6a3dbfff6060fa4_4
	fill in the blank 6a3dbfff6060fa4_6
	fill in the blank 6a3dbfff6060fa4_8
Total current liabilities	$fill in the blank 6a3dbfff6060fa4_9

2. Compute Snow's working capital.

$fill in the blank 5e3cc8f89fc2046_1

3. Compute Snow's current ratio. Round your answer to one decimal place.

fill in the blank 5e3cc8f89fc2046_2 : 1

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