Question

The following items are taken from the financial statements of PQR Company for 2013. Cash $100,000...

The following items are taken from the financial statements of PQR Company for 2013.

Cash $100,000
Inventory 150,000
Accounts Payable 123,000
Accounts Receivable 40,000
Supplies 10,000
Salaries Payable 30,000
Unearned Revenue 75,000
Intangible Assets 78,000
Property, Plant, and Equipment, Net 156,000
Long-Term Debt 50,000
Common Stock 25,000
Additional Paid-In Capital 175,000
Retained Earnings, 12/31/2012 13,000
Service Revenue 402,000
Cost of Goods Sold 250,000
Rent Expense 48,000
Supplies Expense 25,000
Insurance Expense 36,000

Instructions:
(1) Create a classified balance sheet in good form for the year ended 2013. (30 points)
(2) Calculate the current ratio and debt ratio and explain your findings. (6 points)

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