question archive 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 ……………

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 ……………

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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, 20102. Compute Singer’s current ratio3. 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?

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