Not sure what I am missing in the balance sheet and don't know how to...
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Accounting
Not sure what I am missing in the balance sheet and don't know how to find the current ratio. Please explain, thank you!
Charlie's Crispy Chicken (CCC) operates a fast-food restaurant. When accounting for its first year of business, CCC created several accounts. Account Name Accounts Payable Cash Common Stock Equipment Land Note Payable (long-term) Retained Earnings Supplies Salaries and Wages Payable Balance $ 2,500 3,150 35,000 45,000 21,400 30,000 3.500 1,900 450 Description Payment is due in 30 days Includes cash in register and in bank account Stock issued in exchange for owners' contributions Includes deep fryers, microwaves, dishwasher, etc. Held for future site of new restaurant Payment is due in six years Total earnings through September 30 Includes serving trays, condiment dispensers, etc. Payment is due in 7 days 1. Using the above descriptions, prepare a classified balance sheet at September 30. CHARLIE'S CRISPY CHICKEN Balance Sheet Assets Current Assets Cash Supplies Liabilities Current Liabilities Accounts Payable Salaries and Wages Payable $ $ 3.150 1.900 2.500 450 Total Current Assets Equipment Land 2.950 30.000 5.050 Total Current Liabilities 45.000 Note Payable (long-term) 21.4007 Total Liabilities Stockholders' Equity Common Stock Retained Earnings 32.950 35.000 3,500 Total Stockholders' Equity 71,450 Total Liabilities and Stockholders' Equity 38.500 71.450 Total Assets $ | $ Common Stock Equipment Land Note Payable (long-term) Retained Earnings Supplies Salaries and Wages Payable 35,000 45,000 21,400 30,000 3,500 1,900 450 Stock issued in exchange for owners' contributions Includes deep fryers, microwaves, dishwasher, etc. Held for future site of new restaurant Payment is due in six years Total earnings through September 30 Includes serving trays, condiment dispensers, etc. Payment is due in 7 days 1. Using the above descriptions, prepare a classified balance sheet at September 30 CHARLIE'S CRISPY CHICKEN Balance Sheet Current Assets Liabilities Current Liabilities Accounts Payable Salaries and Wages Payable Cash $ $ 3,150 1.900 2.500 450 Supplies Total Current Assets Equipment Land 2.950 30.000 5,050 Total Current Liabilities 45,000 Note Payable (long-term) 21,400 Total Liabilities Stockholders' Equity Common Stock Retained Earnings 32.950 35.000 3.500 Total Stockholders' Equity 71.450 Total Liabilities and Stockholders' Equity Equity 38,500 71.450 Total Assets $ | $ 2. Calculate CCC's current ratio. (Round your answer to 2 decimal places.) CCC's Current RatioGet Answers to Unlimited Questions
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