Selected financial information for JPC Enterprises as at December 31, 2024, follows:

Additional information:
1. All accounts have normal balances.
2. $17,250 of the mortgage payable will be paid before December 31, 2025.
3. The notes payable are payable on May 17, 2025.

Instructions
a. Prepare a classified balance sheet.
b. Calculate working capital, the current ratio, and the acid-test ratio.
c. Comment on the company’s liquidity.

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Accounts payable Accounts receivable Accumulated depreciation-building Building Cash Goodwill Interest payable J. Chrowder, capital Land $105,600 197,000 79,900 306,300 16,500 36,000 16,500 279,400 105,600 Licences Long-term equity investments Mortgage payable Notes payable Prepaid expenses Salaries payable Supplies Unearned revenue $ 98,300 45,800 230,000 55,000 6,900 28,700 10,100 27,400