Question: Using the information below, provide the following: Ending total assets: Ending total liabilities: Ending total equity reporting on the balance sheet (hint: accounting equation): Net
Using the information below, provide the following:
Ending total assets:
Ending total liabilities:
Ending total equity reporting on the balance sheet (hint: accounting equation):
Net income:
Current ratio (round to the second decimal point):
| Account | Balance |
| Common Stock | 20,000 |
| Cash | 6,750 |
| Accounts Payable | 2,300 |
| Sales | 15,000 |
| Wages Expense | 3,400 |
| Retained Earnings | 2,300 |
| Notes Payable (Long Term Debt) | 35,000 |
| Equipment, net of depreciation | 40,000 |
| Prepaid Insurance | 4,800 |
| Unearned Revenue | 2,000 |
| Inventory | 8,900 |
| Interest Expense | 750 |
| Cost of Goods Sold | 7,800 |
| Rent Expense | 1,200 |
| Accounts Receivable | 3,000 |
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