The Calendar Year-End Adjusted Trial Balance for Blessinger Co Required:
(A) Determine the Amounts of Current Assets and Current

Essay

The calendar year-end adjusted trial balance for Blessinger Co. follows:


$$\begin{array} { | l | r | r | } \hline \text { Rent expense } & 5,000 & \\\hline \text { Depreciation expense-Equipment } & 800 & \\\hline \text { Depreciation expense-Building } & \underline { 7,000 } & \\\hline \text { Totals } & \$ 1,500,800 & \$ 1,500,800 \\\hline\end{array}$$ Required:
(a) Determine the amounts of current assets and current liabilities. (Note: A $9,000 installment on the long-term note payable is due within one year.)
(b) Calculate the current ratio. Comment on the ability of Blessinger Co. to meets its short-term debts.