Victoria Medical Service reported the following selected items (amounts in thousands):
|
Unearned revenues (current) |
$ 207 |
Service revenue |
$8,613 |
|
Allowance for |
Other assets |
767 |
|
|
doubtful accounts |
109 |
Property, plant, and equipment |
3,316 |
|
Accounts receivable |
2,569 |
Operating expense |
1,620 |
|
Accounts payable |
817 |
Cash |
239 |
|
Other expenses |
385 |
Notes payable (long term) |
719 |
1. Classify each item as (a) income statement or balance sheet and as (b) debit balance or credit balance.
2. How much net income (or net loss) did Victoria earn for the year?
3. Compute Victoria’s current ratio. Round to 2 decimal places.