Use the following items taken from the financial statements of the Postal Service for the...
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Finance
Use the following items taken from the financial statements of the Postal Service for the year ending December 31, 2012 Accounts payable $ 9,000 Accounts receivable 11,000 Accumulated depreciation equipment 28,000 Advertising expense 21,000 Cash 11,000 Owners capital (1/1/12) 105,000 Owners drawings 14,000 Depreciation expense 12,000 Insurance expense 3,000 Note payable, due 6/30/13 5,000 Prepaid insurance (6 - month policy) 6,000 Rent expense 17,000 Salaries and wages expense 32,000 Service revenue 125,000 Supplies 4,000 Supplies expense 6,000 Equipment (Long-term) 210,000.)
(a) What are total current liabilities of the Postal Service at December 31, 2012?
(b) What are the total current assets of the Postal Service at December 31, 2012?
(c) What is the current ratio of the Postal Service at December 31, 2012?
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