The post-closing trial balance of Chester Company at December 31,2016 is as follows:
Required:

1)Use the trial balance of Chester Company to prepare the current assets and current liabilities sections of Chester's balance sheet at December 31,2016.
2)Calculate the current ratio at December 31,2016.Show all calculations and round the ratio to two decimal places.

Question

The post-closing trial balance of Chester Company at December 31,2016 is as follows:
Required:
  
1)Use the trial balance of Chester Company to prepare the current assets and current liabilities sections of Chester's balance sheet at December 31,2016.
2)Calculate the current ratio at December 31,2016.Show all calculations and round the ratio to two decimal places.

Quizplus · Accepted Answer

The Answer of The post-closing trial balance of Chester Company at December 31,2016 is as follows:
Required:
  
1)Use the trial balance of Chester Company to prepare the current assets and current liabilities sections of Chester's balance sheet at December 31,2016.
2)Calculate the current ratio at December 31,2016.Show all calculations and round the ratio to two decimal places.

The Post-Closing Trial Balance of Chester Company at December 31,2016