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Elementary,Middle School,High School,College,University,PHD
Teaching Since: | May 2017 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Classified Balance Sheet
p2. The information that follows is from Jason’s Hardware Corporation’s June 30, 2014, post-closing trial balance.
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Account name Debit Credit Cash 32,000 Short-Term Investments 33,000 Notes Receivable 10,000 Accounts Receivable 276,000 Merchandise Inventory 145,000 Prepaid Rent 1,600 Prepaid Insurance 4,800 Sales Supplies 1,280 Office Supplies 440 Deposit for Future Advertising 3,680 Building, Not in Use 49,600 Land 23,400 Delivery Equipment 41,200 Accumulated Depreciation—Delivery Equipment 28,400 Trademark 4,000 Accounts Payable 114,600 Salaries Payable 5,200 Interest Payable 840 Long-Term Notes Payable 80,000 Income Taxes Payable 910 Common Stock 140,300 Retained Earnings 255,750 Totals 626,000 626,000Â
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ReqUIReD
1.   Prepare a classified balance sheet for Jason’s Hardware Corporation.
2.   Business appliCation ▶ Compute Jason’s Hardware’s current ratio and debt to equity ratio. (Round to one decimal place.)
3.   Business appliCation ▶ As a user of the classified balance sheet, why would you want to know the current ratio or the debt to equity ratio?
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