|
Cash
|
$500,000
|
|
Accounts Receivable
|
200,000
|
|
Supplies
|
70,000
|
|
Accounts Payable
|
147,300
|
|
Unearned Service Revenue
|
18,000
|
|
Equipment, net of accumulated depreciation
|
212,000
|
|
Common Stock
|
500,000
|
|
Retained Earnings 12/31/2011
|
78,300
|
|
Long-term debt
|
142,400
|
|
Service revenue
|
240,000
|
|
Cost of Goods Sold
|
72,000
|
|
Rent expense
|
36,000
|
|
Supplies expense
|
12,000
|
|
Insurance expense
|
24,000
|
Instructions
(a) Please create a classified balance sheet in good form for the year ended 2012.
(b) Please calculate the current ratio.