Posted: September 4th, 2023

# Case studies | Business & Finance homework help

Create your own Microst Excel worksheet and format it to answer your questions., so what are your thoughts on this.

Balanced Books Bookkeeping

Jessica and David are student interns at Balanced Books Bookkeeping. They have taken several business math and accounting classes and are now applying what they have learned to real-life situations. They enjoy their internship, but they are sometimes surprised by the assignments they are given. Luckily, they work together, so they share the assignments and learn from each other. Their most recent assignment is to take a listing of accounts provided by one of Balanced Books’ clients and turn them into a balance sheet and income statement. David suggests that their client might appreciate it if they also performed a vertical analysis of each statement. Jessica suggests that they should also compute the current ratio and the acid-test ratio.

·         1. Create the financial statements  for December 31, 2011, depict them in vertical format, and compute the current and acid test ratios.

 Account title Amount Cash \$4,000 Depreciation 2,000 Carlton,   equity 34,500 Cost   of goods sold 85,000 Rent   expense 15,000 Wages   payable 1,500 Utilities 6,500 Miscellaneous   expenses 1,500 Accounts   payable \$3,500 Merchandise   inventory 15,000 Accounts   receivable 6,000 Net   sales 120,000 Insurance   payable 500 Equipment 15,000 Wages 8,000

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