(Solved by Humans)-Problem 2-3A Classified Balance Sheet The following balance sheet items, listed in alphabetical...

Paper Details

Problem 2-3A Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available from the records of Singer Company at December 31, 2014:   Accounts payable $  34,280 Interest payable $    2,200 Accounts receivable 26,700 Land 250,000 Accumulated  depreciation—   Marketable securities 15,000 buildings 40,000 Merchandise inventory 112,900 Accumulated  depreciation—   Notes payable, due April 15,  2015 6,500 equipment 12,500 Office supplies 400 Bonds payable, due December 31, 2020   250,000 Paid-in capital in excess of par value   75,000 Buildings 150,000 Patents 45,000 Capital stock, $1 par  value 200,000 Prepaid rent 3,600 Cash 60,790 Retained earnings 113,510 Equipment 84,500 Salaries payable 7,400 Income taxes payable 7,500     Required       1.        Prepare a classified balance sheet as of December 31, 2014. 2.        Compute Singer’s current ratio. 3.        On the basis of your answer to (2), does Singer appear to be liquid? What other information do you need to fully answer that question?