These financial statement items are for Barfield Corporation at year-end, July 31, 2014.

These financial statement items are for Barfield Corporation at year-end, July 31, 2014. Salaries and wages payable $ 3,933 Salaries and wages expense 58,774 Supplies expense 17,199 Equipment 20,353 Accounts payable 4,100 Service revenue 67,374 Rent revenue 10,099 Notes payable (due in 2017) 3,618 Common stock 16,000 Cash 30,472 Accounts receivable 11,598 Accumulated depreciation—equipment 7,592 Dividends 4,000 Depreciation expense 5,592 Retained earnings (beginning of the year) 35,272 Barfield Corporation did not issue any new stock during the year.

Your answer is correct. Prepare an income statement for the year. BARFIELD CORPORATION Income Statement For the Year Ended July 31, 2014 Dividends Expenses Net Income / (Loss) Retained Earnings, August 1, 2013 Retained Earnings, July 31, 2014 Revenues Total Expenses Total Revenues $     Dividends     Expenses     Net Income / (Loss)     Retained Earnings, August 1, 2013     Retained Earnings, July 31, 2014     Revenues     Total Expenses     Total Revenues $ Dividends Expenses Net Income / (Loss) Retained Earnings – August 1, 2013 Retained Earnings – July 31, 2014 Revenues Total Expenses Total Revenues $     Dividends     Expenses     Net Income / (Loss)     Retained Earnings, August 1, 2013     Retained Earnings, July 31, 2014     Revenues     Total Expenses     Total Revenues Dividends Expenses Net Income / (Loss) Retained Earnings, August 1, 2013 Retained Earnings, July 31, 2014 Revenues Total Expenses Total Revenues $

Your answer is correct. Prepare a retained earnings statement for the year. BARFIELD CORPORATION Retained Earnings Statement For the Year Ended July 31, 2014 Dividends Expenses Net Income / (Loss) Retained Earnings, August 1, 2013 Retained Earnings, July 31, 2014 Revenues Total Expenses Total Revenues $ Add Less :  Dividends Expenses Net Income / (Loss) Retained Earnings, August 1, 2013 Retained Earnings, July 31, 2014 Revenues Total Expenses Total Revenues $ Add Less :  Dividends Expenses Net Income / (Loss) Retained Earnings, August 1, 2013 Retained Earnings, July 31, 2014 Revenues Total Expenses Total Revenues Dividends Expenses Net Income / (Loss) Retained Earnings, August 1, 2013 Retained Earnings, July 31, 2014 Revenues Total Expenses Total Revenues $

Your answer is correct. Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.) BARFIELD CORPORATION Balance Sheet July 31, 2014 Assets Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders' Equity $     Current Assets     Current Liabilities     Expenses     Intangible Assets     Long-term Investments     Long-term Liabilities     Property, Plant and Equipment     Revenues     Stockholders' Equity     Total Assets     Total Current Assets     Total Current Liabilities     Total Expenses     Total Intangible Assets     Total Liabilities     Total Liabilities and Stockholders' Equity     Total Long-term Investments     Total Long-term Liabilities     Total Property, Plant and Equipment     Total Revenues     Total Stockholders' Equity $ Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders' Equity     Add     Less :     Current Assets     Current Liabilities     Expenses     Intangible Assets     Long-term Investments     Long-term Liabilities     Property, Plant and Equipment     Revenues     Stockholders' Equity     Total Assets     Total Current Assets     Total Current Liabilities     Total Expenses     Total Intangible Assets     Total Liabilities     Total Liabilities and Stockholders' Equity     Total Long-term Investments     Total Long-term Liabilities     Total Property, Plant and Equipment     Total Revenues     Total Stockholders' Equity $ Liabilities and Stockholders' Equity Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders' Equity $     Current Assets     Current Liabilities     Expenses     Intangible Assets     Long-term Investments     Long-term Liabilities     Property, Plant and Equipment     Revenues     Stockholders' Equity     Total Assets     Total Current Assets     Total Current Liabilities     Total Expenses     Total Intangible Assets     Total Liabilities     Total Liabilities and Stockholders' Equity     Total Long-term Investments     Total Long-term Liabilities     Total Property, Plant and Equipment     Total Revenues     Total Stockholders' Equity $ Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders' Equity     Current Assets     Current Liabilities     Expenses     Intangible Assets     Long-term Investments     Long-term Liabilities     Property, Plant and Equipment     Revenues     Stockholders' Equity     Total Assets     Total Current Assets     Total Current Liabilities     Total Expenses     Total Intangible Assets     Total Liabilities     Total Liabilities and Stockholders' Equity     Total Long-term Investments     Total Long-term Liabilities     Total Property, Plant and Equipment     Total Revenues     Total Stockholders' Equity Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Stockholders' Equity     Current Assets     Current Liabilities     Expenses     Intangible Assets     Long-term Investments     Long-term Liabilities     Property, Plant and Equipment     Revenues     Stockholders' Equity     Total Assets     Total Current Assets     Total Current Liabilities     Total Expenses     Total Intangible Assets     Total Liabilities     Total Liabilities and Stockholders' Equity     Total Long-term Investments     Total Long-term Liabilities     Total Property, Plant and Equipment     Total Revenues     Total Stockholders' Equity     Current Assets     Current Liabilities     Expenses     Intangible Assets     Long-term Investments     Long-term Liabilities     Property, Plant and Equipment     Revenues     Stockholders' Equity     Total Assets     Total Current Assets     Total Current Liabilities     Total Expenses     Total Intangible Assets     Total Liabilities     Total Liabilities and Stockholders' Equity     Total Long-term Investments     Total Long-term Liabilities     Total Property, Plant and Equipment     Total Revenues     Total Stockholders' Equity $

Your answer is correct. Compute the current ratio and debt to assets ratio. (Round answers to 1 decimal place, e.g. 15.2.) Current ratio :1 Debt to assets ratio %