Question: letter b please Preparing Balance Sheets, Computing Income, and Applying the Current and Quick Ratios Balance sheet information for Lang Services at the end of

letter b please letter b please Preparing Balance Sheets, Computing Income, and Applying the Current

Preparing Balance Sheets, Computing Income, and Applying the Current and Quick Ratios Balance sheet information for Lang Services at the end of 2014 and 2015 is: a. Prepare its balance sheet for December 31 of each year. b. Lang Services raised $5,000 cash through issuing additional common stock early in 2015, and it declared and paid a $17,000 cash dividend in December 2015. Compute its net income or loss for 2015. c. Calculate the current ratio and quick ratio for 2015. d. Assume the industry average is 1.5 for the current ratio and 1.0 for the quick ratio. Comment on Lang's current and quick ratios relative to the industry. Constructing Balance Sheets and Determining Income Following is balance sheet information for Lynch Services at the end of 2014 and 2015

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