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Current assets
Cash
$26,500
Accounts receivable
32,000
Prepaid insurance
6,900
$ 65,400
Equipment (net)
201,700
Total assets
$267,100
Current liabilities
Accounts payable
$ 21,500
Salaries and wages payable
12,000
$ 33,500
Long-term liabilities
Notes payable
81,900
Total liabilities
115,400
Stockholders’ equity
Common stock
100,000
Retained earnings
51,700
Total liabilities and stockholders’
equity
151,700
$267,100
Calculate the current ratio and working capital based on the preliminary balance sheet. (Round
Current Ratio to 1 decimal place, e.g. 0.7 : 1.)
Current ratio
Working capital
:1
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Current assets
Cash
$26,500
Accounts receivable
32,000
Prepaid insurance
6,900
$ 65,400
Equipment (net)
201,700
Total assets
$267,100
Current liabilities
Accounts payable
$ 21,500
Salaries and wages ...
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