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Prepare the Balance Sheet in the proper format 2. Solve for Net Working Capital 3. Determine the current ratio Account Debit Credit Accounts Payable $77,000 Accounts Receivable $96,900 Accrued Liabilities 91,000 Accumulated Depreciation 338,400 Additional Paid-In Capital 25,000 Building 1,786,400 Cash 47,800 Common Stock 300,000 Current Portion-Long-Term Debt 14,000 Furniture and Fixtures 275,400 Inventories 19,900 Land 115,500 Long-Term Debt 1,527,000 Other Assets 172,200 Other Current Liabilities 40,800 Prepaid Expenses 2,400 Retained Earnings 103,300

Prepare the Balance Sheet in the proper format 2. Solve for Net Working Capital 3. Determine the current ratio Account Debit Credit Accounts Payable $77,000 Accounts Receivable $96,900 Accrued Liabilities 91,000 Accumulated Depreciation 338,400 Additional Paid-In Capital 25,000 Building 1,786,400 Cash 47,800 Common Stock 300,000 Current Portion-Long-Term Debt 14,000 Furniture and Fixtures 275,400 Inventories 19,900 Land 115,500 Long-Term Debt 1,527,000 Other Assets 172,200 Other Current Liabilities 40,800 Prepaid Expenses 2,400 Retained Earnings 103,300

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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.  Prepare the Balance Sheet in the proper format

2.  Solve for Net Working Capital

3.  Determine the current ratio

 

Account Debit Credit
Accounts Payable   $77,000
Accounts Receivable $96,900  
Accrued Liabilities   91,000
Accumulated Depreciation   338,400
Additional Paid-In Capital   25,000
Building 1,786,400  
Cash 47,800  
Common Stock   300,000
Current Portion-Long-Term Debt   14,000
Furniture and Fixtures 275,400  
Inventories 19,900  
Land 115,500  
Long-Term Debt   1,527,000
Other Assets 172,200  
Other Current Liabilities   40,800
Prepaid Expenses 2,400  
Retained Earnings   103,300
Net Working Capital   ?????

 

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