(SOLVED)- On December 31 20 the following selected accounts and amounts


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On December 31, 20—, the following selected accounts and amounts appeared on the balance sheet for Duncan Company. Determine the amount of the working capital and the current ratio. (Round to two decimal places.) Building ………………. $ 180,000Prepaid Insurance ………….. 1,800Merchandise Inventory ………… 85,000Store Equipment ……………. 11,000Unearned Fees ……………. 1,200Notes Payable (due in six months) ……… 6,000Accumulated Depreciation, Building …….. 62,000Accounts Payable …………… 25,000Land 50,000 Cash ………….. 50,000Store Supplies …………….. 1,400Accumulated Depreciation, Store Equipment …. 8,000Notes Receivable (due in four months) …….. 1,500Mortgage Payable (current portion) ……. 4,400Salaries Payable ……………. 1,600M. Duncan, Capital …………. 161,500Mortgage Payable (due in four years) …… 86,000

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$19