Assume a company with the following balance sheet accounts:Account AmountCash $10,000Fixed assets _______ 60,000$70,000Account AmountLong-term loans $30,000M. Johnson, proprietor _______ 40,000$70,000You are concerned only about overstatements of owner’s equity. Set performance materialityfor the three relevant accounts such that the preliminary judgment about materialitydoes not exceed $5,000. Justify your answer

How do I create and start a balance sheet for this data?

Prepare a classied balanced sheet in good form    1. Common Stock  2. Discountedd on Bonds Payable  3. Treasury Stock (at cost) 4. Notes Payable (short-term) 5. Raw Materials  6. Prefered Stock Investments (long-term) 7. Unearned Rent Revenue  8. Work in Process. 9. Copyrights   10. Buildings 11. Notes Recievable (short-term). 12. Cash. 13. Salaries and Wages Payable. 14. Accummlated Depreciation--Buildings 15. Restricted Cash for Plant Expansion  16. Land Held for Future Plant Site  17. Allowance for Doubtful Accounts  18. Retained Earnings  19. Paid-in capitial in Excess of Par -Common Stock  20. Unearned Subscriptions Revenue  21. Receivables--Officers (due in one year) 22. Inventory (finished goods) 23. Accounts Receivable  24. Bonds Payable (due in 4 years) 25. Noncontrolling Interest

Compute the current ratio for each of the following competitors. Which company is in the best position to pay its short-term obligations? Net sales Net income Current assets Current liabilities Total assets Current ratio Conclusion Complete this question by entering your answers in the tabs below. Gomez $ 1,350,000 110,000 342,000 190,000 410,000 Gomez Cruz Cruz $ 900,000 3,000 162,000 60,000 510,000 Compute the current ratio for each of the following competitors. Note: Round your answers to 2 decimal places. Current Ratio