answer quickly Presented below is the December 31, 2020 pre-closing trial balance for Tumbleweed Painting Company.1. Prepare a classified balance sheet as of December 31, 2020 in good form like you would present it toa client (i.e. proper heading, dollar signs, underlining, no abbreviations).2. Calculate working capital and the current ratio. (round the ratio to 2 places past the decimal)Account TitleAccounts payable $ 22,000Accounts receivable 82,000Accumulated depreciation - buildings 7,500Accumulated depreciation - equipment 2,200Allowance for doubtful accounts 9,000Bonds payable due in 2030 72,000Buildings 150,000Cash 150,000Common stock, $1 par vaue 75,000Cost of goods sold 44,000Discount on bonds payable 17,500Equipment 23.000Goodwill 13,000Income taxes payable 8,500Inventory 12,750Investments 54.000Notes payable due in 2026 60,000Notes payable in annual installments of $50,000 beginning in January 2021 200,000Painting sales 95,000Patents 23,000Preferred stock, $10 par value 50,000Prepaid insurance 650Retained earnings ?????Treasury Stock 38,500Wages payable 900Additional infomation:1. The cash account includes $30,000 set aside for the repayment of bonds, $24,000 which is restrictedto purchase a new vehicle in two years, $50,000 which is held in a commercial checking account, a $100overdraft in an account at a different bank, and $46,100 in a certificate of deposit which will mature in 180days.2. 200,000 shares of common stock are authorized. 15,000 shares of common stock are held in treasury.20,000 shares of preferred stock are authorized and all shares that have been issued are currentlyoutstanding3. The investments account includes $12,000 of commercial paper which has a maturity of 30 days. Theaccount also includes $17,000 in short-term investments. The remaining balance is invested in varioussecurities which company management intends to hold for several years4. All accounts have normal balances.5. Footnotes are not required.

Balance Sheet The purpose of preparing the balance sheet is to know the actual balance which are…

Presented below is the December 31, 2020 pre-closing trial balance for Tumbleweed Painting Company. 1. Prepare a classified balance sheet as of December 31, 2020 in good form like you would present it to a client (i.e. proper heading, dollar signs, underlining, no abbreviations). 2. Calculate working capital and the current ratio, (round the ratio to 2 places past the decimal) Account Title Accounts payable $ 22,000 Accounts receivable 82,000 Arcumulated denreciation buildinns 7 500

Presented below is the December 31, 2020 pre-closing trial balance for Tumbleweed Painting Company. 1. Prepare a classified balance sheet as of December 31, 2020 in good form like you would present it to a client (i.e. proper heading, dollar signs, underlining, no abbreviations). 2. Calculate working capital and the current ratio, (round the ratio to 2 places past the decimal) Account Title Accounts payable $ 22,000 Accounts receivable 82,000 Arcumulated denreciation buildinns 7 500

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 6PB: Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2016, are...

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