Answer 1:43 O a31.0KB/S II* Hil 66Exercise 1-43 Cla...bartleby.comBusiness / Accounti... / C. / Exercise 1-43 Classified ...: Exercise 1-43 Classified Balance...•..Jerrison Company operates a wholesalehardware business. The followingbalance sheet accounts and balancesare available for Jerrison at December31, 2019.HE!$ 65,100Accounts payableAccounts receivableEquipment, data processingIncome taxes payableInterest payableInventoryInvestments (long-term)Investments (short-term)LandNotes payable (due June 1, 2020)Prepaid insurance (for 4 months)Retained earnings, 12/31/2019Salaries payableTrucksS309,00021,60012,600187,90095,500Accumulated depreciation(on building)Accumulated depreciation(on data processing equipment)Accumulated depreciation(on trucks)Bonds payable (due Aug. 30, 2023)Building (warehouse)216,80032,700172,40021,00031,20041,000150,0005,700200,000419.900Cash11,40014,400Common stock150,000106,100(Continued)Required:1. Prepare a classified balance sheet forJerrison at December 31, 2019.2. Compute Jerrison's working capitaland current ratio at December 31, 2019.3. CONCEPTUAL CONNECI'ION IfJerrison's management is concernedthat a large portion of its inventory is

Present question pertains to preparation of balance sheet. Balance sheet is a statement of affairs…

Jerrison Company operates a wholesale hardware business. The following balance sheet accounts and balances are available for Jerrison at December 31, 2019. S 6,100 Accounts payable Accounts receivable Accumulated depreciation (on building) Accumulated depreciation (on data processing equipment) Accumulated depreciation (on trucks) Bonds payable (due Aug. 30, 2023) Building (warehouse) Equipment, data processing Income taxes payable Interest payable Inventory Investments (long-term) Investments (short-term) $309,000 21,600 12,600 187,900 32,700 21,000 95,500 216,800 172,400 31,200 Land Notes payable (due June 1, 2020) Prepaid insurance (for 4 months) Retained earnings, 12/31/2019 Salaries payable Trucks 41,000 150,000 5,700 ? 200,000 419,900 Cash Common stock 11,400 150,000 14,400 106,100 (Continued) Required: 1. Prepare a classified balance sheet for Jerrison at December 31, 2019. 2. Compute Jerrison's working capital and current ratio at December 31, 2019.

Jerrison Company operates a wholesale hardware business. The following balance sheet accounts and balances are available for Jerrison at December 31, 2019. S 6,100 Accounts payable Accounts receivable Accumulated depreciation (on building) Accumulated depreciation (on data processing equipment) Accumulated depreciation (on trucks) Bonds payable (due Aug. 30, 2023) Building (warehouse) Equipment, data processing Income taxes payable Interest payable Inventory Investments (long-term) Investments (short-term) $309,000 21,600 12,600 187,900 32,700 21,000 95,500 216,800 172,400 31,200 Land Notes payable (due June 1, 2020) Prepaid insurance (for 4 months) Retained earnings, 12/31/2019 Salaries payable Trucks 41,000 150,000 5,700 ? 200,000 419,900 Cash Common stock 11,400 150,000 14,400 106,100 (Continued) Required: 1. Prepare a classified balance sheet for Jerrison at December 31, 2019. 2. Compute Jerrison's working capital and current ratio at December 31, 2019.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 62BPSB: Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to...

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