An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year
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Question:
- An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2020, is shown below:
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*Assume all accounts have a normal balance.
Required:
1. Calculate the capital balance as it would appear on the March 31, 2020, balance sheet.- 2. Prepare a classified balance sheet. Assume that $214,500 of the Long-Term Notes Payable will be paid during the year ending March 31, 2021. Also, $54,500 of the notes receivable will be collected by March 31, 2021.
3. Calculate the current ratio and the debt-to-equity ratio. (Round the final answers to 2 decimal places.)
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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