Prepare a classified balance sheet for jasons hardware corp

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Reference no: EM13913771

The information that follows is from Jason's Hardware Corporation's June 30, 2014, post-closing trial balance.

Account norm	Debit	Credit
Cash	31,000
Short-Term Investments	33,000
Notes Receivable	10,000
Aunts Receivable	276,000
Merchandise Inventory	145,000
Prepaid Rent	1,600
Prepaid Insurance	4,800
Sales Supplies	1,280
Office Supplies	440
Deposit for Future Advertising	3,650
Building, Not in Use	45600
Land	²2,⁴⁰⁰
Delivery Equipment	41,200
Accumulated Depredation-Delivery Equipment		28,400
Trademark	4,000
Aunts Payable		114,600
Salaries Payable		5,203
Interest Payable		840
Income Taxes Payable		4,750
Long-Term Notes Payable		80,000
Common Stock		129,000
Retained Earnings		261,210
Totals	624,000	624,000

Current assets	$3,664,000	$310,000
Total assets	23,214,000	1,740,000
Current liabilities	180,000	120,000
long-term liabilities	800,000	580,000
Stockholders' equity	1,340,000	1,040,000
Net sales	4,600,000	3,480,000
Net Income	300,000	204,000

Required:

1. Prepare a classified balance sheet for Jason's Hardware Corporation.

2. Business application- Compute Jason's Hardware's current ratio and debt to equity ratio. (Round to one decimal place.)

3. Business application- As a user of the classified balance sheet, why would you want to know the current ratio or the debt to equity ratio?

Reference no: EM13913771

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