Prepare in good form a statement of retained earnings of Palm Realtors Ltd. for the year ended December 31, 2019. --Compute the current ratio for Palm Realtors Ltd for 2019. Did the company appear to be able to meet its short-term obligations as they come due? Why?
The adjusted
Palm Realtors Ltd.
Adjusted Trial Balance
December 31, 2019
Cash $ 8,950
Prepaid rent 2,200
Equipment 45,690
Accumulated amortization $ 18,930
Accounts payable 15,900
Interest payable 900
Salary payable 3,500
Income tax payable 4,700
Note payable (due 2025) 19,500
Common shares 8,000
Dividends 30,000
Commissions 227,480
Salary expense 140,500
Rent expense 26,400
Interest expense 1,500
Income tax expense 13,205
Total $328,235 $328,235
---Prepare in good form a statement of retained earnings of Palm Realtors Ltd. for the year ended
December 31, 2019.
--Compute the
its short-term obligations as they come due? Why?
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