Selected financial information for Blossom as of December 31, 2017, follows:
Long-term equity investments
J. Chrowder, capital
All accounts have normal balances.
$17,000 of the mortgage payable will be paid before December 31, 2018.
The notes payable are payable on May 17, 2018.
Make a classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)
Liabilities and Owner's Equity
Calculate working capital, the current ratio, and the acid-test ratio. (Round current ratio and acid-test ratio answers to 2 decimal places, e.g. 1.75:1. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
: 1Acid-test ratio
Identify the company's liquidity.
The company's liquidity is improving or deteriorating?
Look at the table in Explanation for classified balance sheet Working capital = Current assets - current liabilities =... View the full answer