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Financial Accounting HW




Several accounts that appeared on Kruse?s 2012 balance sheet are as follows;Accounts Payable $ 55,000 Equipment $950,000;Marketable Securities 40,000 Taxes Payable 15,000;Accounts Receivable 180,000 Retained Earnings 250,000;Notes Payable, 12%, due in 60 days 20,000 Inventory 85,000;Capital Stock 1,150,000 Allowance for Doubtful Accounts 20,000;Salaries Payable 10,000 Land 600,000;Cash 15,000;Required;1. Prepare the Current Liabilities section of Kruse?s 2012 balance sheet.;2. Compute Kruse?s working capital.;3. Compute Kruse?s current ratio. What does this ratio indicate about Kruse?s condition?


Paper#76758 | Written in 18-Jul-2015

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