Question

Charlie's Crispy Chicken (CCC) operates a fast-food restaurant, when accounting for its first year of business, CCC created several accounts Balance Description Account Name Accounts Payable 2,200 Payment is due in 30 days Cash Includes cash in register and in bank 3,450 46,000 6,00 Includes deep fryers, microwaves 26,900 Held for future site of new restaurant 36, 000 Payment is due in six years Stock issued in exchange for ovners contributions Common Stock dishwasher, etc Land Notes Payable (long-term) Retained Earnings 4,600 Total earnings through September 30 Salaries and Wages Payable 550 Payment is due in 7 days Includes serving trays, condiment dispensers,eto Supplies 3, 000 Required: 1. Using the above descriptions, prepare a classifled balance sheet at September 30 2. Calculate CCC's curent ratio. Complete this question by entering your answers in the tabs below Required Required Using the above descriptions, prepare a classified balance sheet at September 30 HICKEN < Required 1 Required 2 >

required 2: Calculate CCC's current ratio (round answer to 2 decimal places).

Answer 1

CHARLIE'S CRISPY CHICKEN

Balance Sheet

Assets		Liabilities and stockholder's equity
Cash	3450	Account payable	2200
Supplies	3000	Salaries and wages payable	550
Land	26900	Notes payable	36000
Equipment	56000	Total liabilities	38750
		Stockholder's equity
		Common Stock	46000
		Retained earnings	4600
		Total Stockholder's equity	50600
Total assets	89350	Total liabilities and stockholder' equity	89350

Current ratio = Current assets/Current liabilities = 6450/2750 = 2.35:1

Answer 2

I inputed all my calculations correctly but it says to answer the tabs below there is no more other tabs