Balance sheet information for Lang Services at the end of 2018 and 2017 is:

a. Prepare its balance sheet for December 31 of each year.

b. Lang Services raised $5,000 cash through issuing additional common stock early in 2018, and it declared and paid a $17,000 cash dividend in December 2018. Compute its net income or Joss for 2018.

c. Calculate the current ratio and quick ratio for 2018.

d. Assume the industry average is 1.5 for the current ratio and 1.0 for the quick ratio. Comment on Lang's current and quick ratios relative to the industry.

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December 31, 2018 December 31, 2017 Accounts receivable... Notes payable.... Cash.... $22.800 $17,500 1,800 1,600 10.000 8,000 Equipment Supplies. Accounts payable. Stockholders' equity. 27,000 4,200 25,000 32,000 4,700 25.000 ?