2023 The following balance sheet items listed in alphabetical order are available from the records of Singer | Assignments Online

The following balance sheet items, listed in alphabetical order, are available from the records of Singer Company at December 31, 2012:

 

Accounts payable $34,280

Accounts receivable 26,700

Accumulated depreciation—buildings   40,000

Accumulated depreciation—equipment    12,500

Bonds payable, due December 31, 2018 250,000

Buildings    150,000

Capital stock, $1 par value    200,000

Cash     60,790

Equipment       84,500

Income taxes payable   7,500

Interest payable          2,200

Land            250,000

Marketable securities      15,000

Merchandise inventory 112,900

Notes payable, due April 15, 2013 6,500

Office supplies        400

Paid-in capital in excess of par value     75,000

Patents           45,000

Prepaid rent 3,600

Retained earnings 113,510

Salaries payable 7,400

 

 

 

Requirements:

1.  Complete the following classified balance sheet as of December 31, 2012.

2.  Compute Singer’s current ratio.

3.  On the basis of your answer to (2), does Singer appear to be liquid?  What other information do you need to fully answer that question?