The following balance sheet data are reported for Bettis Contractors at June 30, 2019.

Assume that during the next two days only the following three transactions occurred:

July 1   Paid $5,000 cash toward the notes payable owed.
2    Purchased equipment for $10,000, paying $2,000 cash and an $8,000 note payable for the remaining balance.
2    Declared and paid a $5,500 cash dividend.

a. Prepare a balance sheet at June 30, 2019.

b. Prepare a balance sheet at July 2, 2019.

c. Calculate its current and quick ratios at June 30, 2019. 

d. Assume the industry average is 3.0 for the current ratio and 2.0 for the quick ratio. Comment on Bettis's current and quick ratios relative to the industry.

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Accounts payable. $ 8,900 Common stock. $100,000 Cash..... 14,700 Retained earnings 30,500 Notes payable... Supplies . Equipment 30,000 98,000 Accounts receivable. 9,200 Land... 25,000