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Find current liabilities and ratios

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Current Liabilities and Ratios

Several accounts that appeared on Atunlu's 2016 balance sheet are as follows:

Accounts Payable

$85,000

 

Equipment

$950,000

Marketable Securities

40,000

 

Taxes Payable

15,000

Accounts Receivable

153,000

 

Retained Earnings

250,000

Notes Payable, 12%, due in 60 days

20,000

 

Inventory

165,000

Capital Stock

1,150,000

 

Allowance for Doubtful Accounts

20,000

Salaries Payable

10,000

 

Land

600,000

Cash

65,000

 

 

Required:

1. Prepare the Current Liabilities section of Atunlu's 2016 balance sheet.

2. Compute Atunlu's working capital.

3. Compute Atunlu's current ratio. Round your answer to one decimal place.

Reference no: EM131793567

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