Reference no: EM132430835

Questions -

Q1. The following is the Frederick Company's adjusted Trial Balance.

Frederick Company Adjusted Trial Balance December 31, 2018
Account Title	Debit	Credit
Cash	$85,150
Accounts Receivable	229,140
Supplies	16,955
Equipment	395,285
Accumulated Depreciation		$221,260
Accounts Payable		74,235
Capital Stock		220,000
Retained Earnings		101,145
Service Revenue		893,105
Interest Income		1,500
Dividends	2,000
Rent Expense	58,500
Wages Expense	527,260
Supplies Expense	42,520
Utilities Expense	8,595
Depreciation Expense	145,840
Totals	$1,522,565	$1,522,565

Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations. Hint: you must close out temporary accounts to arrive at adjusted retained earnings balance.

Q2. A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal):

Accounts payable $41,000, Accounts receivable $48,000, Capital stock $100,000, Cash $54,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $32,000, Note payable $24,000, Prepaid expenses $3,200, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000.

The note payable balance is due in nine months. How much is Charlie's current ratio?