Question: Classified Balance Sheet The following balance sheet items are available from the records of Ruth Corporation at December 31, 2014. 1. Prepare in good form

Classified Balance Sheet

The following balance sheet items are available from the records of Ruth Corporation at December 31, 2014.

1. Prepare in good form a classified balance sheet as of December 31, 2014.

2. Compare Ruth's current ratio.

3. On the basis of your answer to (#2), does Ruth appear to be liquid? What other information do you need to fully answer that question?

Accounnts payable $18,255
Accounts receivable $23,450
Accumulated depreciation-automobiles $22,500
Accumulated depreciation-buildings $40,000
Automobiles $112,500
Bonds payable, due 12/31/18 $160,000
Buildings $200,000
Capital stock, $10 par value $150,000
Cash $13,230
Income taxes payable $6,200
Interest payable $1,500
Inventory $45,730
Land $250,000
Long-term investments $85,000
Notes payable, due 6/30/15 $10,000
Office Supplies $2,340
Paid-in capital in excess of par value $50,000
Patents $40,000
Prepaid rent $1,500
Retained earnings $311,095
Salaries and wages payable $4,200

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