Selected financial information for JPC Enterprises as at December 31, 2017, follows:

Additional information:
1. All accounts have normal balances.
2. $17,250 of the mortgage payable will be paid before December 31, 2018.
3. The notes payable are payable on May 17, 2018.
Instructions
(a) Prepare a classified balance sheet.
(b) Calculate working capital, the current ratio, and the acid-test ratio.
(c) Comment on the company's liquidity?

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Accounts payable Accounts receivable Accumulated depreciation-building Building Cash Goodwill Interest payable J. Chrowder, capital $105,600 Land 197,000 Licences 79,900 Long-term equity investments 306,300 Mortgage payable 16,500 Notes payable 36,000 Prepaid expenses 16,500 Salaries payable $105,600 98,300 45,800 230,000 55,000 6,900 28,700 10,100 27,400 279,400Supplies Unearned revenue