Classified Balance Sheet p4. The information that follows is from Cullen’s Hardware Company’s… 1 answer below »
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Classified Balance Sheet
p4. The information that follows is from Cullen’s Hardware Company’s June 30, 2014, post-closing trial balance.
✔ Total assets: $625,800
Account name
Debit
Credit
Cash
42,800
Short-Term Investments
34,300
Sales Supplies
1,280
Merchandise Inventory
145,000
Prepaid Rent
2,100
Income Taxes Payable
3,780
Prepaid Insurance
4,800
Accounts Receivable
287,000
Office Supplies
440
Common Stock
290,000
Notes Receivable
10,000
Land
31,400
Delivery Equipment
43,200
Accumulated Depreciation—Delivery Equipment
28,400
Trademark
4,000
Accounts Payable
124,600
Salaries Payable
7,700
Deposit for Future Advertising
3,680
Interest Payable
840
Retained Earnings
118,880
Long-Term Notes Payable
80,000
Building, Not in Use
44,200
Totals
654,200
654,200
ReqUIReD
1. Prepare a classified balance sheet for Cullen’s Hardware Company.
2. Business appliCation ▶ Compute Cullen’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?
LO 1
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