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The Calendar Year-End Adjusted Trial Balance for Acosta Co

Question 149

Essay

The calendar year-end adjusted trial balance for Acosta Co. follows:
Required:
(a) Prepare a classified year-end balance sheet. (Note: A $7,000 installment on the long-term note payable is due within one year.)
(b) Calculate the current ratio. Comment on the ability of Acosta Co. to meets its short-term debts.
The calendar year-end adjusted trial balance for Acosta Co. follows: Required: (a) Prepare a classified year-end balance sheet. (Note: A $7,000 installment on the long-term note payable is due within one year.) (b) Calculate the current ratio. Comment on the ability of Acosta Co. to meets its short-term debts.

Correct Answer:

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(a)
blured image *NI = $370,800 - $90,000 - $5,200 ...

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