Question: Preparing Balance Sheets, Computing Income, and Applying the Current and Quick Ratios Balance sheet information for Lang Services at the end of 2018 and 2017

Preparing Balance Sheets, Computing Income, and Applying the Current and Quick Ratios Balance sheet information for Lang Services at the end of 2018 and 2017 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 2018 , and it declared and paid a $17,000 cash dividend in December 2018. Compute its net income or loss for 2018. c. Calculate the current ratio and quick ratio for 2018. 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

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