Determining the classified balance sheet

Reference no: EM13953316

Classified Balance Sheet

The following balance sheet items, listed in alphabetical order, are available from the records of Singer Company at December 31, 2014:

Accounts payable	$ 34,280	Interest payable	$ 2,200
Accounts receivable	26,700	Land	250,000
Accumulated depreciation-		Marketable securities	15,000
buildings	40,000	Merchandise inventory	112,900
Accumulated depreciation-		Notes payable, due April 15, 2015	6,500
equipment	12,500	Office supplies	400
Bonds payable, due December 31, 2020	250,000	Paid-in capital in excess of par value	75,000
Buildings	150,000	Patents	45,000
Capital stock, $1 par value	200,000	Prepaid rent	3,600
Cash	60,790	Retained earnings	113,510
Equipment	84,500	Salaries payable	7,400
Income taxes payable	7,500
Required

1. Prepare a classified balance sheet as of December 31, 2014.

2. Compute Singer's current ratio.

3. On the basis of your answer to (2), does Singer appear to be liquid? What other information do you need to fully answer that question?

Reference no: EM13953316

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