You have prepared the following chart of accounts. You have set it up so that it

Question

You have prepared the following chart of accounts. You have set it up so that it will be easy to add new accounts later. 0. Reza Fitness Center Chart of Accounts Acct. # | Name of Account Acct. Name of Account 300 301 302 Owner's Equity Oneida Reza, Capital Oneida Reza, Withdrawal Assets 100 110 116 118 120 as Accounts Receivable Supplies Prepaid Rent Prepaid Insurance 05 Income Summary 400 Revenue 140 141 Furniture & Equipment Accumulated Depreciation - Furniture & Equipment 401 409 Membership Fees Design Service Fees 500 501 Salary Expense 520 Supplies Expense 530 Rent Expense 540 Depreciation Expense 550 590Miscellaneous Expense Expenses 200 201 205 210 Liabilities Accounts Payable Wages & Salaries Payable Unearned Fees Insurance Expense

Explanation / Answer

Requirement 1

Ratio of liabilities to owners equity

Formula =Total liabilities / Owners equity

Requirement 3

Current ratio  

Formula = Current Assets - Current liabilities

Current Assets = Cash+Accounts receivable + Supplies+ Prepaid insurnace+Prepaid Rent

Current Liabilities = Accounts Payable + Wages and salaries payable + Unearned fees

Formulas only given, data not available for calculations

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