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Here are a series of journal entries. Prepare a trial balance:
Cash
Common Stock 30,000
Equipment
Cash 12,000
Supplies
Accounts Payable 5,000
Service Revenue 6,000
Rent Expense
Cash 4,000
Prepaid Rent 9,000
Supplies Expense
Supplies 2,700
Unearned Revenue 18,000
Unearned Revenue
Revenue 6,000
Depreciation. Expense
Accumulated Depreciation 5,000
Totals $ 97,700
Question 1) How are current assets different from non-current assets? How are current liabilities different from non-current liabilities? What differentiates an account receivable vs. an accounts payable?
Question 2) What does the current ratio measure? Is the higher the ratio always the better? Explain.
Question 3) What does solvency mean? What data does the balance provide in order to determine solvency?
Question 4) Cash and cash equivalents are the most liquid assets included on a company's balance sheet. So what gets counted as cash? What is a cash equivalent?
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