Im doing the excel project and have these accounts in the
Current liabilities:
Accounts payableFederal income tax withheld
FICA withheld
Medicare withheld
FICA payable - employer
Medicare payable - employer
Unemployment taxes payable
Other accrued expenses
Federal income taxes payable
Property taxes payable

Current Liabilities=$5,836,332.68
Cant get my current ratio correct because of my liabilities. any suggestions?

2/26/2007 8:05:24 PM

already finished my project - move the fed tax out of the current liabilities. This doesn't go on the balance sheet at all, but belongs on the Income Statement. Hope that helps!

2/26/2007 8:15:02 PM

Federal Income Tax withheld is a current liab.


the Notes Payable is also a current liab.

2/26/2007 9:40:18 PM

have you looked at your current assets? Your problem might be there.

2/27/2007 7:16:55 AM

thnks guys, i figured it out. i had to move n/p to current

2/27/2007 8:47:09 AM

I can't get my curret ratio currect either - i have np in current lib., but something else still isn't right. I also have all the accounts you mentioned in the first post. Any ideas?




[Edited on February 27, 2007 at 9:03 AM. Reason : nm, figured it out]

2/27/2007 9:00:07 AM

I'm stuck on what expenses and revenues to put uner the certain categories (operating expenses,income from operations, etc.). Can anyone help?

2/27/2007 12:56:01 PM

^Only 4 things arent Operating Expenses. Three are other, and one is Federal Tax.

On the Balance Sheet, PP&E are Long Term, as is Depreciation. But where should Investments and Money Market accounts go? Are they short or long term in this case?

I have all but the Mortgage as a Current Liability, and my current ratio is nowhere near 4.072. Does anyone know where I'm making my mistake?

2/27/2007 1:50:47 PM

Investments is Current Assets, and Money Market is summed up into cash and cash equivalents don't have my file here at work, but if you still have trouble around 5 or so, post again and i'll see if i can help

2/27/2007 2:16:36 PM

Ah I figured it out, I was using Mortgages in place of Notes and Vice Versa.

[Edited on February 27, 2007 at 2:51 PM. Reason : Finally got it, thanks, now for the layout of this damn thing]

2/27/2007 2:25:07 PM