Selected financial information for JPC Enterprises as at December 31, 2024, follows: Additional information: 1. All accounts

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Selected financial information for JPC Enterprises as at December 31, 2024, follows:


Additional information:
1. All accounts have normal balances.
2. $17,250 of the mortgage payable will be paid before December 31, 2025.
3. The notes payable are payable on May 17, 2025.


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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Accounting Principles Volume 1

ISBN: 9781119786818

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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