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Question - Direct Solutions has the following balances as at February 28, 2018.
Cash
$28,400
Tran, Capital
$53,900
Notes Payable, Long-Term Portion
$36,000
Accounts Payable
$10,900
Accounts Receivable
$21,200
Unearned Revenue
$7,900
Inventory
$22,300
Notes Payable, Current Portion
$9,000
Equipment
$45,800
Required -
a) Prepare a classified balance sheet using the balances listed above.
b) Calculate the working capital for Direct Solutions.
c) Calculate the current ratio for Direct Solutions.
d) Calculate the quick ratio for Direct Solutions.
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