College Spirit sells sportswear with logos of major universities. At the end of 2019, the following balance sheet account balances were available. Accounts payable $104,700

Required:
1. Prepare a classified balance sheet for College Spirit at December 31, 2019.
2. Compute College Spirit's working capital and current ratio at December 31, 2019.
3. Comment on College Spirit's liquidity as of December 31, 2019.

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Accounts payable Accounts receivable Accumulated depreciation Bonds payable Cash Common stock Income taxes pa yable S104,700 481,400 110,900 50,000 54,000 84,500 Inventory 23,700 180,000 13,300 300,000 88,000 Long-tem investment Note payable, short-tem Prepaid rent (current) Retained eamings, 12/3 1/2019 Fumiture