Problem 1: The following is the Frederick Company's adjusted Trial Balance.
Frederick Company Adjusted Trial Balance December 31, 2018
|
Account Title
|
Debit
|
Credit
|
|
Cash
|
$85,150
|
|
|
Accounts Receivable
|
229,140
|
|
|
Supplies
|
16,955
|
|
|
Equipment
|
395,285
|
|
|
Accumulated Depreciation
|
|
$221,260
|
|
Accounts Payable
|
|
74,235
|
|
Capital Stock
|
|
220,000
|
|
Retained Earnings
|
|
101,145
|
|
Service Revenue
|
|
893,105
|
|
Interest Income
|
|
1,500
|
|
Dividends
|
2,000
|
|
|
Rent Expense
|
58,500
|
|
|
Wages Expense
|
527,260
|
|
|
Supplies Expense
|
42,520
|
|
|
Utilities Expense
|
8,595
|
|
|
Depreciation Expense
|
145,840
|
|
|
Totals
|
$1,522,565
|
$1,522,565
|
Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations. Hint: you must close out temporary accounts to arrive at adjusted retained earnings balance.
Problem 2: A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal):
Accounts payable $41,000, Accounts receivable $48,000, Capital stock $100,000, Cash $54,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $32,000, Note payable $24,000, Prepaid expenses $3,200, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000.
The note payable balance is due in nine months. How much is Charlie's current ratio?
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