Accounts receivable Accounts payable Buildings Cash $ 18,000 Long-term notes payable 11,000 Office supplies 45,000 Prepaid insurance 7,000 Unearned services revenue $ 21,000 2,600 3,200 3,000 Compute Chavez Company's current ratio using the above information.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is