answer quickly Presented below is the December 31, 2020 pre-closing trial balance for Tumbleweed Painting Company.1. Prepare a classified balance sheet as of December 31, 2020 in good form like you would present it to a client (i.e. properheading, dollar signs, underlining, no abbreviations).2. Calculate working capital and the current ratio. (round the ratio to 2 places past the decimal)Account TitleAccounts payable $ 22,000Accounts receivable 82,000Accumulated depreciation - buildings 7,500Accumulated depreciation - equipment 2,200Allowance for doubtful accounts 9,000Bonds payable due in 2030 72,000Buildings 150,000Cash 150,000Common stock, S1 par vaue 75,000Cost of goods sold 44,000Discount on bonds payable 17,500Equipment 23,000Goodwill 13,000Income taxes payable 8,500Inventory 12,750Investments 54,000Notes payable due in 2026 60,000Notes payable in annual installments of $50,000 beginning in January 2021 200,000Painting sales 95,000Patents 23,000Preferred stock, S10 par value 50,000Prepaid insurance 650Retained earnings ?????Treasury Stock 38,500Wages payable 900Additional in formation:1. The cash account includes $30,000 set aside for the repayment of bonds, $24,000 which is restricted to purchase a new vehiclein two years, $50,000 which is held in a commercial checking account, a $100 overdraft in an account at a different bank, and$46,100 in a certificate of deposit which will mature in 180 days.2. 200,000 shares of common stock are authorized. 15,000 shares of common stock are held in treasury. 20,000 shares ofpreferred stock are authorized and all shares that have been issued are currently outstanding.3. The investments account includes $12,000 of commercial paper which has a maturity of 30 days. The account also includes$17,000 in short-term investments. The remaining balance is invested in various securities which company management intends tohold for several years4. All accounts have normal balances.5. Footnotes are not required.

The goal of a balance sheet is to determine the true balance of total assets, liabilities, and…

Presented below is the December 31, 2020 pre-closing trial balance for Tumbleweed Painting Company. 1. Prepare a classified balance sheet as of December 31, 2020 in good form like you would present it to a client (i.e. proper heading, dollar signs, underlining, no abbreviations). 2. Calculate working capital and the current ratio. (round the ratio to 2 places past the decimal) Account Title Accounts payable $ 22,000 Accounts receivable 82,000 Accumulated depreciation - buildings 7,500 Accumulated depreciation - equipment 2,200 Allowance for doubtful accounts 9,000 Bonds payable due in 2030 72,000 Buildings 150,000 Cash 150,000 Common stock, $1 par vaue 75,000 Cost of goods sold 44,000 Discount on bonds payable 17,500 Equipment 23,000 Goodwill 13,000 Income taxes payable 8,500 Inventory 12,750 Investments 54,000 Notes payable due in 2026 60,000 Notes payable in annual instalments of $50,000 beginning in January 2021 200,000 Painting sales 95,000 Patents 23,000 Preferred stock, $10 par value 50,000 Prepaid insurance 650 Retained earnings ????? Treasury Stock 38,500 Wages payable 900 Additional information: 1. The cash account includes $30,000 set aside for the repayment of bonds, $24,000 which is restricted to purchase a new vehicle in two years, $50,000 which is held in a commercial checking account, a $100 overdraft in an account at a different bank, and $46,100 in a certificate of deposit which will mature in 180 days. 2. 200,000 shares of common stock are authorized. 15,000 shares of common stock are held in treasury. 20,000 shares of preferred stock are authorized and all shares that have been issued are currently outstanding. 3. The investments account includes $12,000 of commercial paper which has a maturity of 30 days. The account also includes $17,000 in short-term investments. The remaining balance is invested in various securities which company management intends to hold for several years 4. All accounts have normal balances. 5. Footnotes are not required.