. Prepare the Balance Sheet in the proper format2. Solve for Net Working Capital3. Determine the current ratio AccountDebitCreditAccounts Payable $77,000Accounts Receivable$96,900 Accrued Liabilities 91,000Accumulated Depreciation 338,400Additional Paid-In Capital 25,000Building1,786,400 Cash47,800 Common Stock 300,000Current Portion-Long-Term Debt 14,000Furniture and Fixtures275,400 Inventories19,900 Land115,500 Long-Term Debt 1,527,000Other Assets172,200 Other Current Liabilities 40,800Prepaid Expenses2,400 Retained Earnings 103,300Net Working Capital ?????

The working capital is calculated as the difference between the current assets and current…

Answered: Prepare the Balance Sheet in the proper…

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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