Big Bright Lights Electric Adjusted Trial Balance Dec 31, 20XX Cash $100,000 Accounts receivable 7,000 15,000...

 

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Big Bright Lights Electric Adjusted Trial Balance Dec 31, 20XX Cash $100,000 Accounts receivable 7,000 15,000 9,000 3,300 8,000 Prepaid rent Prepaid insurance Office supplies Office equipment Accumulated amortization, equipment Building Accumulated amortization, building Land $3,200 350,000 42,000 700,000 Accounts payable Salaries payable Interest payable Long-tem note payable Margarita Acosta, capital Margarita Acosta, withdrawals 5,800 14,500 2,500 52,000 1,010,000 200,500 Service fees earned 370,800 Salaries expense Insurance expense Rent expense Amortization expense, equipment Amortization expense, building Totals 90,000 5,200 5,000 800 7,000 $1.500.800 $1.500.800 1. Prepare a classified year-end balance sheet. A $7,000 installment on the long-term note payable is due within one year. 2. Using the information from Big Bright Light Electric, calculate the current ratio. Big Bright Lights Electric Adjusted Trial Balance Dec 31, 20XX Cash $100,000 Accounts receivable 7,000 15,000 9,000 3,300 8,000 Prepaid rent Prepaid insurance Office supplies Office equipment Accumulated amortization, equipment Building Accumulated amortization, building Land $3,200 350,000 42,000 700,000 Accounts payable Salaries payable Interest payable Long-tem note payable Margarita Acosta, capital Margarita Acosta, withdrawals 5,800 14,500 2,500 52,000 1,010,000 200,500 Service fees earned 370,800 Salaries expense Insurance expense Rent expense Amortization expense, equipment Amortization expense, building Totals 90,000 5,200 5,000 800 7,000 $1.500.800 $1.500.800 1. Prepare a classified year-end balance sheet. A $7,000 installment on the long-term note payable is due within one year. 2. Using the information from Big Bright Light Electric, calculate the current ratio.

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