Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balan income statement for 2019 and 2020 follow. Cullumber Medical Comparative Balance Sheet As of December 31 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Sales revenue (all on account) Cost of goods cold 2020 $397,000 1,089,000 733,000 381,400 Liabilities and Stockholders' Equity Current liabilities $3,156,000 Long-term debt 3,702,600 Total liabilities 6,858,600 Preferred stock, $5 par value 58,950 Common stock, $0.25 par value 104,650 Retained earnings 4,194,495 Total stockholders' equity 4,358,095 Total liabilities and stockholders' equity $11,216,695 2,600,400 2,122,000 8,616,295 8,439,830 $11,216,695 $10,561,830 2020 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2019 $10,177,300 $417,450 776,400 681,050 247,100 5.612.200 $2,846,050 3,892,600 6,738,650 58,950 103,850 3,660,380 3,823,180 $10,561,830 2019 $9,613,950 5 709 700

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The following are Grouper Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. COMPARATIVE BALANCE SHEETS     2020   2019   Increase(Decrease) Cash   $818,200     $696,600     $121,600   Accounts receivable   1,132,100     1,177,800     (45,700 ) Inventory   1,841,000     1,713,900     127,100   Property, plant, and equipment   3,334,900     2,970,400     364,500   Accumulated depreciation   (1,157,500 )   (1,030,100 )   (127,400 ) Investment in Myers Co.   308,600     273,500     35,100   Loan receivable   249,300     —     249,300      Total assets   $6,526,600     $5,802,100     $724,500                       Accounts payable   $1,007,200     $949,700     $57,500   Income taxes payable   30,200     50,300     (20,100 ) Dividends payable   80,000     99,900…

College Spirit sells sportswear with logos of major universities. At the end of 2019, the followingbalance sheet account balances were available.Accounts payable $104,700Accounts receivable 6,700Accumulated depreciation 23,700Bonds payable 180,000Cash 13,300Common stock 300,000Furniture 88,000Income taxes payable $ 11,400Inventory 481,400Long-term investment 110,900Note payable, short-term 50,000Prepaid rent (current) 54,000Retained earnings, 12/31/2019 84,500Required:1. Prepare a classified balance sheet for College Spirit at December 31, 2019.2. Compute College Spirit’s working capital and current ratio at December 31, 2019.3. CONCEPTUAL CONNECTION Comment on College Spirit’s liquidity as of December 31,2019.

Potaw Company reported the following data at the end of 2019: Sales revenue (80% on credit) Expenses (25% on credit) Accounts receivable, net at December 31, 2019 (a decrease of $12,500 during 2019) Total assets Stockholders' equity The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) Multiple Choice The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) O O O 17.67. 22.08. $470,000 77,000 12.81. 16,500 370,000 170,000 30.90.

Calculate the allowance ratio for the year ending 30 June 2020. Assume the number of days in the year is 365. Round the percentage change to one decimal place

In alphabetical order below are current asset items for Roland Company's balance sheet at December 31, 2020. Accounts receivable Cash Finished goods Prepaid expenses Raw materials Work in process $214,000 65,000 88,000 39,000 91,000 94,000 Prepare the current assets section. (List Current Assets in order of liquidity.)