East hill home healthcare services was organized five years ago by four friends who each invested $13,000 in the company and, in turn, were issued in total 8,800 shares of $1.00 par value common stock. to date, they are the only stockholders. at the end of last year, the accounting records reflected total assets of $713,000 ($50,000 cash; $504,000 land; $55,000 equipment; and $104,000 buildings), total liabilities of $227,000 (short-term notes payable $110,000 and long-term notes payable $117,000), and stockholders' equity of $486,000 ($24,000 common stock; $94,000 additional paid-in capital; and $368,000 retained earnings). during the current year, the following summarized events occurred: a. sold 9,800 additional shares of stock to the original organizers for a total of $99,000 cash. b. purchased a building for $58,000, equipment for $12,000, and four acres of land for $18,000; paid $19,000 in cash and signed a note for the balance (due in 15 years). (hint: five different accounts are affected.) c. sold one acre of land acquired in (b) for $4,500 cash to another company. d. purchased short-term investments for $19,500 cash. e. one stockholder reported to the company that 340 shares of his east hill stock had been sold and transferred to another stockholder for $3,200 cash. f. lent one of the shareholders $5,400 for moving costs and received a signed, six-month note from the shareholder. required: 1. was east hill home healthcare services organized as a sole proprietorship, a partnership, or a corporation? 2. during the current year, the records of the company were inadequate. you were asked to prepare the summary of transactions shown above. to develop a quick assessment of their economic effects on east hill home healthcare services, you have decided to complete the tabulation that follows and to use plus (+) for increases and minus for decreases for each account. the first event is used as an example. 4. based only on the completed tabulation, provide the following amounts: 5. compute the current ratio for the current year. complete this question by entering your answers in the tabs below. required 1 required 2 required 4 required 5 during the current year, the records of the company were inadequate. you were asked to prepare the summary of transactions shown above. to develop a quick assessm effects on east hill home healthcare services, you have decided to complete the tabulation that follows and to use plus (+) for increases and minus for decreases for event is used as an example. assets cash short-term notes investments receivable land buildings equipment liabilities short-term long-term notes notes payable payable 110,000 117,000 stockholders' equity additional common paid-in retained stock capital earnings 24,000 94,000 368,000 beg. 9,800 89,200 504,000 104,000 55,000 beg. (a) 50,000 99,000 - 19,000 (a) 58,000 12,000 18,000 -4,500 (d) 130,000 0 0 517,500 162,000 67,000 = 110,000 117,000 + 33,800 183,200 368,000 < required 1 required 4 >