Problem - The following balance sheet items, listed in alphabetical order, are from the records of Singer Company at December 31, 2010:
Accounts payable $ 34,280
Accounts receivable 26,700
Accumulated depreciation-buildings 40,000
Accumulated depreciation-equipment 12,500
Bonds payable, due December 31, 2014 250,000
Buildings 150,000
Capital stock, $1 par value 200,000
Cash 60,790
Equipment 84,500
Income taxes payable 7,500
Interest payable 2,200
Land $250,000
Marketable securities 15,000
Merchandise inventory 112,900
Notes payable, due April 15, 2009 6,500
Office supplies 400
Paid-in capital in excess of par value 75,000
Patents 45,000
Prepaid rent 3,600
Retained earnings 113,510
Salaries payable 7,400
1. Prepare a classified balance sheet as of December 31,2010
2. Compute Singer's current ratio
3. On the basis of your answer to (2), does Singer appear to be liquid? What other information do you need to fully answer that question?