Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated...

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Income taxes payable $19,960 24,290 Interest payable Accounts payable Accounts receivable Accumulated depreciation - automobi

Ruth Corporation Balance Sheet December 31, 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Offic

Total property, plant, and equipment Intangible assets: Total assets Liabilities Current liabilities: Total current liabiliti

Stockholders Equity Contributed capital: Total contributed capital Total stockholders equity Total liabilities and stockhol

business accounting

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Answer 1

Answer #1

1.a) Balance Sheet

Current Assets		$
Cash		13000
Accounts Receivable		24290
Inventory		48740
Prepaid Rent		1460
Office Supplies		2280
Total Current Assets		89770
Long Term Investments		81525
Property , Plant and Equipment
Land		240000
Automobiles	121600
Accumulated Depreciation	24320	97280
Buildings	190950
Accumulated Depreciation	38190	152760
Total Property ,plant and Equipment
Intangible Asset		43000
Total Asset		704335

Liabilites
Current Liabilites
Accounts Payable		19960
Income Taxes Payable		6530
Interest Payable		1455
Salary Wages Payable		3945
Total Current Liabilities		31890
Long Term Liability
Bonds Payable	161000
Notes payable	11000	172000
Shareholders Equity
Contributed Capital	158000
Securities Premium	47000
Retained Earnings	295445	500445

Total Liabilites and Stockholders equity		704335

1.b ) Current Ratio = Total Current Assets / Total Current Liabilites

Current Asset = 89770

Current Liabilites =31890

Current Ratio = 2.814

1.c) There is enough liquidity as the current ratio is more than 1 .

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Answer 2

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