Liabilities and Equity 1 bed At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Accounts payable Current Year $ 34,011 102,598 126,469 11,176 313,972 Check my work 1 Year Ago 2 Years Aç $ 41,379 $ 43,543 $ 588,226 $ 145,004 Long-term notes payable Common stock, $10 par value Retained earnings 112,798 162,500 167,924 $ 86,555 120,130 163,500 136,906 Total liabilities and equity $ 588,226 $ 507,091 70,993 93,812 10,542 290,365 $ 507,091 | 57,488 62,455 | 4,885 262,829 $ 431,200 $ 58,62€ 93,389 162,500 116,685 $ 431,200 For both the current year and one year ago, compute the following ratios: xercise 13-7 (Algo) Analyzing liquidity LO P3 -a) Compute the current ratio for each of the three years. -b) Did the current ratio improve or worsen over the three-year period? 2-a) Compute the acid-test ratio for each of the three years. -b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2A Required 2B Compute the current ratio for each of the three years. Current Ratio Numerator: 1 Denominator: = Current Ratio 1 =1 Current ratio Current Year: 1 II to 1 Year Ago: 1 = 11 II to 1 to 1 Years Ago: 1 < Required 1A Required 1B > Liabilities and Equity 1 bed At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Accounts payable Current Year $ 34,011 102,598 126,469 11,176 313,972 Check my work 1 Year Ago 2 Years Aç $ 41,379 $ 43,543 $ 588,226 $ 145,004 Long-term notes payable Common stock, $10 par value Retained earnings 112,798 162,500 167,924 $ 86,555 120,130 163,500 136,906 Total liabilities and equity $ 588,226 $ 507,091 70,993 93,812 10,542 290,365 $ 507,091 | 57,488 62,455 | 4,885 262,829 $ 431,200 $ 58,62€ 93,389 162,500 116,685 $ 431,200 For both the current year and one year ago, compute the following ratios: xercise 13-7 (Algo) Analyzing liquidity LO P3 -a) Compute the current ratio for each of the three years. -b) Did the current ratio improve or worsen over the three-year period? 2-a) Compute the acid-test ratio for each of the three years. -b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2A Required 2B Compute the current ratio for each of the three years. Current Ratio Numerator: 1 Denominator: = Current Ratio 1 =1 Current ratio Current Year: 1 II to 1 Year Ago: 1 = 11 II to 1 to 1 Years Ago: 1 < Required 1A Required 1B >

Liabilities and Equity 1 bed At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Accounts payable Current Year $ 34,011 102,598 126,469 11,176 313,972 Check my work 1 Year Ago 2 Years Aç $ 41,379 $ 43,543 $ 588,226 $ 145,004 Long-term notes payable Common stock, $10 par value Retained earnings 112,798 162,500 167,924 $ 86,555 120,130 163,500 136,906 Total liabilities and equity $ 588,226 $ 507,091 70,993 93,812 10,542 290,365 $ 507,091 | 57,488 62,455 | 4,885 262,829 $ 431,200 $ 58,62€ 93,389 162,500 116,685 $ 431,200 For both the current year and one year ago, compute the following ratios: xercise 13-7 (Algo) Analyzing liquidity LO P3 -a) Compute the current ratio for each of the three years. -b) Did the current ratio improve or worsen over the three-year period? 2-a) Compute the acid-test ratio for each of the three years. -b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2A Required 2B Compute the current ratio for each of the three years. Current Ratio Numerator: 1 Denominator: = Current Ratio 1 =1 Current ratio Current Year: 1 II to 1 Year Ago: 1 = 11 II to 1 to 1 Years Ago: 1 < Required 1A Required 1B > Liabilities and Equity 1 bed At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Accounts payable Current Year $ 34,011 102,598 126,469 11,176 313,972 Check my work 1 Year Ago 2 Years Aç $ 41,379 $ 43,543 $ 588,226 $ 145,004 Long-term notes payable Common stock, $10 par value Retained earnings 112,798 162,500 167,924 $ 86,555 120,130 163,500 136,906 Total liabilities and equity $ 588,226 $ 507,091 70,993 93,812 10,542 290,365 $ 507,091 | 57,488 62,455 | 4,885 262,829 $ 431,200 $ 58,62€ 93,389 162,500 116,685 $ 431,200 For both the current year and one year ago, compute the following ratios: xercise 13-7 (Algo) Analyzing liquidity LO P3 -a) Compute the current ratio for each of the three years. -b) Did the current ratio improve or worsen over the three-year period? 2-a) Compute the acid-test ratio for each of the three years. -b) Did the acid-test ratio improve or worsen over the three-year period? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2A Required 2B Compute the current ratio for each of the three years. Current Ratio Numerator: 1 Denominator: = Current Ratio 1 =1 Current ratio Current Year: 1 II to 1 Year Ago: 1 = 11 II to 1 to 1 Years Ago: 1 < Required 1A Required 1B >

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 61E: Recording Various Liabilities Glenview Hardware had the following transactions that produced...

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