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Prepare a classified balance sheet for abc company on dec

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Reference no: EM132999301

The following accounts and account balances were listed in the accounting records of ABC Company on 31 December 20X1:

Cash 13,650
Accounts Receivable 21,000
Inventory 19,800
GST paid 3,000
Prepaid insurance 1,350
N Lawrence, capital 123,450
Land 63,000
Building (net) 55,500
Shop & Office equipment (net) 35,400
Accounts Payable 22,050
GST collected 4,500
PAYG tax payable 4,650
Interest payable (due 1/9/20X2) 300
Unearned revenue 1,500
Mortgage payable (due 1/7/20X3) 56,250

Required:

Problem 1: Prepare a classified balance sheet for ABC Company on 31 December 20X1

Problem 2: Calculate the Debt Ratio

Problem 3: ABC Company is applying for a $3000 short-term loan at a local bank. Based on your finding in par (B) if you were the banker, would you grant a loan to the business?

 

Reference no: EM132999301

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