acc362 the adjusted trial balance of quad cities tours inc as of october 31 2008 its 491774
The adjusted trial balance of Quad Cities Tours Inc. as of October 31, 2008 (its year end) contains the following information.
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acc362 the adjusted trial balance of quad cities tours inc as of october 31 2008 its 491774
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|
Accounts Payable |
170,000 |
|
Accounts Receivable |
15,000 |
|
Accumulated Depreciation-Buildings |
144,000 |
|
Accumulated Depreciation Equipment |
715,000 |
|
Bonds Payable |
600,000 |
|
Buildings—Offices and Cabins |
660,000 |
|
Cash |
36,000 |
|
Common Stock |
300,000 |
|
Equipment |
840,000 |
|
Income Taxes Payable |
56,250 |
|
Interest Payable |
30,000 |
|
Inventories |
485,000 |
|
Investment in Iowa Trading Post(Trading-shrt term |
140,000 |
|
Land |
653,000 |
|
Mortgage payable(on fishing cabins-lng term) |
247,750 |
|
Notes payable (short term) |
164,000 |
|
Prepaid advertising |
17,000 |
|
Prepaid insurance |
9,000 |
|
Retained earnings |
440,000 |
|
Supplies |
12,000 |
Instructions:
(a) Prepare in good form a classified balance sheet for quad cities tours in.
(b) Calculate the following balance sheet relationships: current ratio, debt to total assets ratio, and working capital.
(c) Assume the Quad cities has come to you, as the senior loan officer of Big Woods Credit Union, seeking a $500,000 loan to help defray the costs of replacing much of its rental camping gear and canoes. Would you be willing to approve the loan? Is there any additional information you would like to have before making your decision?
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