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Category > Accounting Posted 22 May 2017 My Price 10.00

Preparing a classified balance sheet in report form

 

Preparing a classified balance sheet in report form, and using the current and debt ratios to evaluate a company

Selected accounts of Browne Irrigation Systems at December 31, 2012, follow:

Insurance expense

$ 500

Accounts payable

$22,300

Note payable, long-term

4,200

Accounts receivable

43,600

Other assets

2,000

Accumulated depreciation—building

24,200

Building

58,200

Browne, capital, December 31, 2011

54,000

Prepaid insurance

4,800

Accumulated depreciation—equipment

6,900

Salary expense

17,700

Cash

6,500

Salary payable

2,800

Interest payable

400

Service revenue

73,000

Browne, drawing

5,000

Supplies

3,300

Equipment

23,000

Unearned service revenue

1,800

Depreciation expense

25,000

Requirements

1. Prepare the company’s classified balance sheet in report form at December 31, 2012.

2. Compute the company’s current ratio and debt ratio at December 31, 2012. At December 31, 2011, the current ratio was 1.83 and the debt ratio was 0.39. Did the company’s ability to pay debts improve or deteriorate, or did it remain the same during 2012?

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 22 May 2017 08:05 AM My Price 10.00

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