Here is the partial work sheet for Westhaven Stereo.

Instructions 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 one decimal place).
P.O. 2,3 Check Figure Working capital, $74,280

For Year Ended December 31, 19- ACCOUNT NAME BALANCE SHEET DEBIT CREDIT 1 Cash 2 Notes Receivable. 3 Accounts Receivable 4 Merchandise Inventory 5 Supplies 6 Prepaid Taxes 7 Prepaid Insurance. 8 Land 9 Building Accumulated Depreciation, Building 10 11 Store Equipment 12 Accumulated Depreciation, Store Equipment 13 Testing Equipment 14 12 9 15 00 6300 00 33 2 7 000 55 3 4 4 00 42000 63000 54000 780000 6000000 18 900 00 439200 167 4 00 723000 Accumulated Depreciation, Testing Equipment 5424 00 15 Delivery Equipment 540000 16 Accumulated Depreciation, Delivery Equipment 17 Notes Payable 4470 00 18 Accounts Payable 19 Mortgage Payable (current portion) 20 Mortgage Payable 21 C. R. Gonzales, Capital 22 C. R. Gonzales, Drawing 23 Wages Payable 24 25 Net Income 26 22 44000 4 2 15 00 28 140 00 1800 00 55 200 00 67 3 14 00 984 00 216 6 8 100 188 121 00 285 60 00 216 6 8 100 216 681 00