Assignment Task: The following items are taken from the financial statements of PQR Company for 2013:
|
Cash
|
$100,000
|
|
Inventory
|
150,000
|
|
Accounts Payable
|
123,000
|
|
Accounts Receivable
|
40,000
|
|
Supplies
|
10,000
|
|
Salaries Payable
|
30,000
|
|
Unearned Revenue
|
75,000
|
|
Intangible assets
|
78,000
|
|
Property, plant, and equipment, net
|
156,000
|
|
Long term debt
|
50,000
|
|
Common Stock
|
25,000
|
|
Additional Paid in Capital
|
175,000
|
|
Retained Earnings, 12/31/2012
|
13,000
|
|
Service revenue
|
402,000
|
|
Cost of Goods Sold
|
250,000
|
|
Rent expense
|
48,000
|
|
Supplies expense
|
25,000
|
|
Insurance expense
|
36,000
|
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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