The following balance sheet items listed in alphabetical

order are from

The following balance sheet items, listed in alphabetical order, are from the records of Singer
Company at December 31, 2010: Accounts payable ..............$34,280Accounts receivable
.............$26,700Accumulated depreciation—buildings ........$40,000Accumulated
depreciation—equipment ......$12,500Bonds payable, due December 31, 2014
......$250,000Buildings ...................$150,000Capital stock, $1 par value
..........$200,000Cash.................... $60,790Equipment ...................$84,500Income taxes payable
.............$7,500Interest payable.................$2,200Land ....................$250,000Marketable
securities ..............$15,000Merchandise inventory..............$112,900Notes payable, due April
15, 2009 ........$6,500Office supplies ................. $400Paid-in capital in excess of par value
.........$75,000Patents ....................$45,000Prepaid rent .................$3,600Retained earnings
................$113,510Salaries payable .................$7,4001. Prepare a classified balance sheet as
of December 31, 2010 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? View Solution:
The following balance sheet items listed in alphabetical order are from
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