177. Based on the adjusted trial balance shown below, prepare a classified balance sheet for Focus Package Delivery. FOCUS PACKAGE DELIVERY Adjusted Trial Balance December 31 ...

177. Based on the adjusted trial balance shown below, prepare a classified balance sheet for Focus Package Delivery.

FOCUS PACKAGE DELIVERY Adjusted Trial Balance December 31
	Debit	Credit
Cash	18,200
Accounts receivable	34,200
Supplies	2,100
Long-term investments	25,000
Delivery equipment	45,000
Accumulated depreciation – Delivery equipment		11,080
Intangible assets	16,000
Accounts payable		16,200
Wages payable		4,120
Long-term notes payable*		20,000
Common stock		10,000
Retained earnings		30,400
Dividends	15,000
Delivery fees earned		145,000
Rent expense	8,000
Wages expense	62,000
Supplies expense	2,500
Depreciation expense – Delivery equipment	4,050
Interest expense	1,000
Utilities expense	3,750	______
Totals	236,800	236,800

* $2,000 of the long-term note payable is due during the next year.

178. The calendar year-end adjusted trial balance for Acosta Co. follows:

ACOSTA CO. Adjusted Trial Balance December 31
Cash	$ 100,000
Accounts receivable	7,000
Prepaid rent	15,000
Prepaid Insurance	9,000
Office supplies	3,300
Office equipment	8,000
Accumulated depreciation – Equipment		$ 3,200
Building	350,000
Accumulated depreciation – Building		42,000
Land	700,000
Accounts payable		5,800
Salaries payable		14,500
Interest payable		2,500
Long-term note payable		52,000
Common stock		50,000
Retained earnings		960,000
Dividends	200,500
Service fees earned		370,800
Salaries expense	90,000
Insurance expense	5,200
Rent expense	5,000
Depreciation expense – Equipment	800
Depreciation expense – Building	7,000
Totals	$1,500,800	$1,500,800

Required:

a. Prepare a classified year-end balance sheet. (Note: A $7,000 installment on the long-term note payable is due within one year.)

b. Calculate the current ratio.

May 15, 2022

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