Problem: The following items are taken from the financial statements of BCT Company for 2013:
|
Cash
|
$138,800
|
|
Accounts Payable
|
75,000
|
|
Supplies
|
15,000
|
|
Accounts Receivable
|
35,000
|
|
Inventory
|
45,000
|
|
Salaries Payable
|
30,000
|
|
Unearned Revenue
|
45,000
|
|
Property, plant, and equipment, net
|
318,000
|
|
Intangible assets
|
260,000
|
|
Common Stock
|
100,000
|
|
Additional Paid-in Capital
|
400,000
|
|
Retained Earnings, 12/31/2012
|
21,000
|
|
Long-term debt
|
90,000
|
|
Service revenue
|
746,000
|
|
Cost of Goods Sold
|
639,200
|
|
Rent expense
|
30,000
|
|
Supplies expense
|
5,000
|
|
Insurance expense
|
21,000
|
Required:
(1) Create a classified balance sheet in good form for the year ended 2013.
(2) Calculate the current ratio and debt ratio and explain your findings.
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