The Little Airplane That Could Charters is a private airplane charter company that has been doing...

   

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The Little Airplane That Could Charters is a private airplane charter company that has been doing business since 2018. During 2020, bookings significantly increased and business really started to take off as a private airplane charter provider. The company has since purchased an additional aircraft, hired an additional pilot, and most recently hired a flight attendant. As a result of the 2020 business boom, the company went public and started issued common stock. The Little Airplane That Could Charters now flies daily routes and has landed contracts with many high-flying individuals around the nation. Presented below is the Company's December 31, 2022, pre-closing trial balance. 1. Prepare a classified balance sheet as of December 31, 2022, in good form like you would present it to a client (.e. use proper heading, dollar signs, underlining, no abbreviations, correct spelling). 2. Calculate working capital and the current ratio. (round the ratio to 2 places past the decimal) Account Title Debit Credit Cash Accounts receivable Allowance for doubtful accounts Notes receivable Supplies Prepaid Insurance Equipment Accumulated depreciation equipment Aircrafts Accumulated depreciation-aircrafts Investments Copyrights Accounts payable Interest payable Unearned revenue Taxes payable Notes payable Common stock Additional paid-in capital in excess of par Retained earnings Dividends paid on common stock Treasury stock Accumulated other comprehensive income(loss) Charter revenues Selling and administrative expenses 249,575 33,000 30,000 19,000 16,500 6,000 2,652,500 39,050 15,500 20,000 14,000 32,925 670,000 $3,798,050 8,750 2,500 69,500 58,600 14,000 30,000 15,000 2,303,200 24,000 37,500 385,000 850,000 $3,798,050 The Little Airplane That Could Charters is a private airplane charter company that has been doing business since 2018. During 2020, bookings significantly increased and business really started to take off as a private airplane charter provider. The company has since purchased an additional aircraft, hired an additional pilot, and most recently hired a flight attendant. As a result of the 2020 business boom, the company went public and started issued common stock. The Little Airplane That Could Charters now flies daily routes and has landed contracts with many high-flying individuals around the nation. Presented below is the Company's December 31, 2022, pre-closing trial balance. 1. Prepare a classified balance sheet as of December 31, 2022, in good form like you would present it to a client (.e. use proper heading, dollar signs, underlining, no abbreviations, correct spelling). 2. Calculate working capital and the current ratio. (round the ratio to 2 places past the decimal) Account Title Debit Credit Cash Accounts receivable Allowance for doubtful accounts Notes receivable Supplies Prepaid Insurance Equipment Accumulated depreciation equipment Aircrafts Accumulated depreciation-aircrafts Investments Copyrights Accounts payable Interest payable Unearned revenue Taxes payable Notes payable Common stock Additional paid-in capital in excess of par Retained earnings Dividends paid on common stock Treasury stock Accumulated other comprehensive income(loss) Charter revenues Selling and administrative expenses 249,575 33,000 30,000 19,000 16,500 6,000 2,652,500 39,050 15,500 20,000 14,000 32,925 670,000 $3,798,050 8,750 2,500 69,500 58,600 14,000 30,000 15,000 2,303,200 24,000 37,500 385,000 850,000 $3,798,050