Here is the partial work sheet for Eckland Stereo.

Eckland Stereo

Work Sheet

For Year Ended December 31, 20--

1		Balance Sheet	Balance Sheet
2	Account Name	Debit	Credit
3	Cash	14,815.00
4	Notes Receivable	7,500.00
5	Accounts Receivable	30,170.00
6	Merchandise Inventory	50,244.00
7	Prepaid Property Taxes	2,115.00
8	Prepaid Insurance	1,640.00
9	Land	16,700.00
10	Building	50,000.00
11	Accumulated Depreciation, Building		15,900.00
12	Computer Equipment	6,892.00
13	Accumulated Depreciation, Computer Equipment		5,674.00
14	Store Equipment	7,230.00
15	Accumulated Depreciation, Store Equipment		4,424.00
16	Delivery Equipment	4,300.00
17	Accumulated Depreciation, Delivery Equipment		3,470.00
18	Notes Payable		5,215.00
19	Accounts Payable		27,140.00
20	Mortgage Payable (current portion)		2,800.00
21	Mortgage Payable		65,200.00
22	M. J. Eckland, Capital		57,314.00
23	M. J. Eckland, Drawing	23,000.00
24
25	Wages Payable		1,984.00
26		214,606.00	189,121.00
27	Net Income		25,485.00
28	Total	$214,606.00	$214,606.00

	Required:
1.	Prepare a statement of owners equity (no additional investment).
2.	Prepare a balance sheet.
3.	Determine the amount of the working capital.
4.	Determine the current ratio.