Constructing Balance Sheets and Applying the Current and Quick Ratios The following balance sheet data are reported for Brownlee Catering at September 30, 2013.

Accounts Receivable	$25,500		Accounts Payable	$31,000
Notes Payable	23,000		Cash	15,000
Equipment	51,000		Common Stock	41,250
Supplies Inventory	13,500		Retained Earnings	?

Assume that on October 1, 2013, only the following two transactions occurred:

October	1	Purchased additional equipment costing $11,000, giving $3,000 cash and signing an $8,000 note payable.
		Declared and paid a cash dividend of $3,000.

Required a. Prepare Brownlee Catering's balance sheet at September 30, 2013. b. Prepare the company's balance sheet at the close of business on October 1, 2013.

	Sept. 30	Oct. 1
	2013	2013
Assets
AnswerEquipmentCommon StockAccounts PayableCash	$Answer	$Answer
Accounts Receivable	Answer	Answer
Supplies Inventory	Answer	Answer
AnswerEquipmentCommon StockAccounts PayableCash	Answer	Answer
Total Assets	$Answer	$Answer
Liabilities
AnswerEquipmentCommon StockAccounts PayableCash	$Answer	$Answer
Notes Payable	Answer	Answer
Total Liabilities	Answer	Answer
Stockholders' Equity
AnswerEquipmentCommon StockAccounts PayableCash	Answer	Answer
Retained Earnings	Answer	Answer
Total Stockholders Equity	Answer	Answer
Total Liabilities and Stockholders' Equity	$Answer	$Answer

c. Calculate Brownlee's current and quick ratios on September 30 and October 1. (Assume that notes payable are noncurrent.)

	Sept. 30	Oct. 1
Current Ratio	Answer	Answer
Quick Ratio	Answer	Answer