BALANCE SHEET

The following balance sheet items, listed in alphabetical order, are available from the records of Dot.com company at December 31, 2011.    

            Account payable                                      $ 18,255

            Accounts receivable                                   69,180

            Accumulated depreciation- automobile   22,500

            Accumulated depreciation-buildings                                                      40,000

            Automobiles                                               112,500

            Bonds payable, due December 31, 2014  160,000

            Buildings                                                    200,000

            Capital stock, $10 par value                  150,000

            Cash                                                             13,230

            Income taxes payable                                      6,200

            Interest payable                                             1,500

            Land                                                            250,000

            Long-term investments                                  85,000

            Notes payable, due June 30, 2012              10,000

            Office supplies                                              2,340                                 

            Paid-in capital in excess of par value         50,000

            Patents                                                         40,000

            Prepaid rent                                                  1,500

            Retained earnings                                    311,095

            Salaries and wages payable                     4,200

(1)  Prepare in good form a classified balance sheet as of December 31, 2011.

(2)  Compute Dot. com’s current ratio.