Selected financial information for JPC Enterprises as
Question and Solution
Selected financial information for JPC Enterprises as of December 31, 2014, follows: Additional information: 1. All ac
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Selected financial information for JPC Enterprises as of December 31, 2014, follows: Additional information: 1. All accounts have normal balances. 2. $17,250 of the mortgage payable will be paid before December 31, 2015. 3. The company intends to keep its investment in bonds (a debt instrument) until the bonds mature in 2020. 4. The notes payable are payable on May 17, 2015. Instructions (a) Prepare a classified balance sheet. (b) Calculate working capital, the current ratio, and the acid-test ratio. (c) Comment on the company's liquidity?
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