Question: The following balance sheet items listed in alphabetical order are available from

The following balance sheet items, listed in alphabetical order, are available from the records of Dot.com Company at December 31, 2011.
Account payable.................. $ 18,255
Accounts receivable...................69, 180
Accumulated depreciation- automobile...........22,500
Accumulated depreciation-buildings...............40,000
Automobiles....................112, 500
Bonds payable, due December 31, 2014..........160,000
Buildings....................200,000
Capital stock, $10 par value...............150,000
Cash.......................13,230
Income taxes payable.................6,200
Interest payable....................1,500
Land.......................250,000
Long-term investments..................85,000
Notes payable, due June 30, 2012............10,000
Office supplies...................2,340
Paid-in capital in excess of par value..........50,000
Patents........................40,000
Prepaid rent.....................1,500
Retained earnings...................311,095
Salaries and wages payable.................4,200

(a) Prepare in good form a classified balance sheet as of December 31, 2011.
(b). Compute Dot. Com’s current ratio (1 point).


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  • CreatedJuly 26, 2013
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