Current ratio is calculated by dividing the current assets by the current liabilities. It helps the Company to measure its liquidity. Current ratio is a relation between the current assets and current liabilities. To calculate: Current ratio of T and that ratio depicting about the company.

Question

Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Bridgeport Corp. is provided below. Debit Credit Accounts Receivable $66,790 Dividends 24,200 Depreciation Expense 12,140 Equipment 195,780 Salaries and Wages Expense 83,810 Accounts Payable $48,760 Accumulated Depreciation—Equipment 105,620 Unearned Rent Revenue 21,070 Service Revenue 169,100 Rent Revenue 5,700 Rent Expense 3,310 Retained Earnings 56,860 Supplies Expense 1,290 Prepare closing entries. Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit amount choose a transaction date…

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Chapter 4, Problem 4.9.3AAMCP

To determine

Concept Introduction:

Current ratio is calculated by dividing the current assets by the current liabilities. It helps the Company to measure its liquidity. Current ratio is a relation between the current assets and current liabilities.

To calculate: Current ratio of T and that ratio depicting about the company.

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Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Bridgeport Corp. is provided below. Debit Credit Accounts Receivable $66,790 Dividends 24,200 Depreciation Expense 12,140 Equipment 195,780 Salaries and Wages Expense 83,810 Accounts Payable $48,760 Accumulated Depreciation—Equipment 105,620 Unearned Rent Revenue 21,070 Service Revenue 169,100 Rent Revenue 5,700 Rent Expense 3,310 Retained Earnings 56,860 Supplies Expense 1,290 Prepare closing entries. Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit amount choose a transaction date…

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