Here is the partial work sheet for Eckland Stereo.

Required
1. Prepare a statement of owner€™s equity (no additional investment).
2. Prepare a balance sheet.
3. Determine the amount of the working capital.
4. Determine the current ratio (carry to two decimalplaces).

Transcribed Image Text:

Eckland Stereo Work Sheet For Year Ended December 31,20 BALANCE SHEET DEBIT 6 ACCOUNT NAME 7 Cash CREDIT 14,815.00 7,500.00 30,170.00 50,244.00 2,115.00 Notes Receivable 9 Accounts Receivable 10 Merchandise Inventory 11Prepaid Property Taxes 9 12 Prepaid Insuranoe 13 Land 14 Building 1,640.00 16,700.00 50,000.00 15,900.0 16 Computer Equpment 17Accumulated Depreciation, Computer Equipment 18 Store Equipment 19 Accumulated Depreciation, Store Equipment 20 Delivery Equipment 21 Accumulated Depreciation, Deivery Equipment 22 Notes Payable 6,892.00 7,230.00 4,300.00 5,67400 4424.00 347000 5,215.00 27,14000 2,800.00 65,20000 57,314.00 23 Acoounts Payable 24 Mortgage Payatle (current portion) 25 Mortgage Payable 26 M. J. Eckland, Capitel 27 M.J, Eckland, Drawing 28 23,000.00 41Wagss Payable 21406.00 18,11.00 43 Ne Income 25,4850o 214 606.00 214.606.00 KSheet Sheet2 Sheet3