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The following items are taken from the financial statements of BCT Company for 2013:
Cash
$138,800
Accounts Payable
75,000
Supplies
15,000
Accounts Receivable
35,000
Inventory
45,000
Salaries Payable
30,000
Unearned Revenue
318,000
Intangible assets
260,000
Common Stock
100,000
Additional Paid-in Capital
400,000
Retained Earnings, 12/31/2012
21,000
Long-term debt
90,000
Service revenue
746,000
Cost of Goods Sold
639,200
Rent expense
Supplies expense
5,000
Insurance expense
Instructions:
(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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