(Answered) The following items are taken from the financial statements

Accounting

The following items are taken from the financial statements of PQR Company for 2012:

Cash	$250,000
Accounts Receivable	150,000
Prepaid Rent	120,000
Accounts Payable	168,000
Unearned Service Revenue	25,000
Equipment, net of accumulated depreciation	333,000
Common Stock	250,000
Retained Earnings 12/31/2011	41,000
Long-term debt	300,000
Service revenue	165,000
Cost of Goods Sold	50,000
Rent expense	24,000
Supplies expense	10,000
Insurance expense	12,000

Instructions:

(a) Please create a classified Balance Sheet in good form for the year ended 2012. (25 points)

(b) Please calculate the current ratio.

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Accounting Basics, Accounting

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