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

Question

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

Quizplus · Accepted Answer

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

The Calendar Year-End Adjusted Trial Balance for Blessinger Co