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Requirement 1. Compute Aim's Companies' current ratio at May 31, 2018 and 2017. Begin by selecting the formula to calculate Aim's Companies' current ratio. Then enter the amounts and calculate the current ratio for 2018 and then 2017. (Round your answers to two decimal places, X.XX.) Current ratio i Balance Sheets Income Statement - X Aim's Companies Balance Sheet Aim's Companies May 31, 2018 and 2017 Income Statement Assets Liabilities Years Ended May 31, 2018 and 2017 2018 2017 2018 2017 Cash 2,000 $ 1,200 Total Current Liabilities 2018 2017 29,000 S 13,000 Net Sales Revenue 43,700 $ Short-term Investments 24,000 10,000 Long-term Liabilities 13,300 42,000 12,900 Cost of Goods Sold 20,600 25,500 Accounts Receivable 7,100 5,300 Total Liabilities 42,300 25,900 Interest Expense Merchandise liventory 7,300 7,500 Stockholders' Equity 200 140 Other Current Assets 9,000 2,300 Common Stock All Other Expenses 6,900 7,800 12,000 12,000 %24 16,000 $ Total Current Assets 26,300 Retained Eamings 27,000 Total Equity Net Income 8,560 49,400 29,100 15,400 All Other Assets 34,000 41,100 27,400 83,400 S 53,300 %24 Total Liabilities and Equity 83,400 S Print Done Total Assets 53,300

Requirement 1. Compute Aim's Companies' current ratio at May 31, 2018 and 2017. Begin by selecting the formula to calculate Aim's Companies' current ratio. Then enter the amounts and calculate the current ratio for 2018 and then 2017. (Round your answers to two decimal places, X.XX.) Current ratio i Balance Sheets Income Statement - X Aim's Companies Balance Sheet Aim's Companies May 31, 2018 and 2017 Income Statement Assets Liabilities Years Ended May 31, 2018 and 2017 2018 2017 2018 2017 Cash 2,000 $ 1,200 Total Current Liabilities 2018 2017 29,000 S 13,000 Net Sales Revenue 43,700 $ Short-term Investments 24,000 10,000 Long-term Liabilities 13,300 42,000 12,900 Cost of Goods Sold 20,600 25,500 Accounts Receivable 7,100 5,300 Total Liabilities 42,300 25,900 Interest Expense Merchandise liventory 7,300 7,500 Stockholders' Equity 200 140 Other Current Assets 9,000 2,300 Common Stock All Other Expenses 6,900 7,800 12,000 12,000 %24 16,000 $ Total Current Assets 26,300 Retained Eamings 27,000 Total Equity Net Income 8,560 49,400 29,100 15,400 All Other Assets 34,000 41,100 27,400 83,400 S 53,300 %24 Total Liabilities and Equity 83,400 S Print Done Total Assets 53,300

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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...And does the current ratio improves, deteriorate, or hold steady during 2018?
ORequirements 1. Compute Aim's Companies' current ratio at May 31, 2018 and 2017 2. Did Aim's Companies' current ratio improve, deteriorate, or hold steady during 20187
Transcribed Image Text:ORequirements 1. Compute Aim's Companies' current ratio at May 31, 2018 and 2017 2. Did Aim's Companies' current ratio improve, deteriorate, or hold steady during 20187
Aim's Companies, a home improvement store chain, reported the following summarized figures: EB (Click the icon to view the income statement.) E (Click the icon to view the balance sheets.) Aim's has 20,000 common shares outstanding during 2018. Read the requirements Requirement 1. Compute Aim's Companies' current ratio at May 31, 2018 and 2017. Begin by selecting the formula to calculate Aim's Companies' current ratio. Then enter the amounts and calculate the current ratio for 2018 and then 2017. (Round your answers to two decimal places, X.XX.) Current ratia i Balance Sheets Income Statement - X Aim's Companies Balance Sheet Aim's Companies May 31, 2018 and 2017 Income Statement Assets Liabilities Years Ended May 31, 2018 and 2017 2018 2017 2018 2017 Cash 2,000 $ 1,200 Total Current Liabilities 2018 2017 29,000 S 13,000 Net Sales Revenue %24 43,700 $ 42,000 Short-term Trvestments 24,000 10,000 Long-term Liabilities 13,300 12,900 Cost of Goods Sold 20,600 25,500 Accounts Receivable 7,100 5,300 Total Liabilities 42,300 25,900 Interest Expense Merchandiselrventory 7,300 7,500 Stockholders' Equity 200 140 9,000 2,300 Common Stock All Other Expenses 6.900 7,800 Other Current Assets 12,000 12,000 24 16,000 $ Total Current Assets 26,300 Retained Earnings 27,000 Total Equity Net Income 8,560 49,400 29,100 15,400 All Other Assets 34,000 41,100 27,400 $4 83,400 $ 53,300 Total Assets %24 Total Liabilities and Equity 83,400 $ 53,300 Print Done
Transcribed Image Text:Aim's Companies, a home improvement store chain, reported the following summarized figures: EB (Click the icon to view the income statement.) E (Click the icon to view the balance sheets.) Aim's has 20,000 common shares outstanding during 2018. Read the requirements Requirement 1. Compute Aim's Companies' current ratio at May 31, 2018 and 2017. Begin by selecting the formula to calculate Aim's Companies' current ratio. Then enter the amounts and calculate the current ratio for 2018 and then 2017. (Round your answers to two decimal places, X.XX.) Current ratia i Balance Sheets Income Statement - X Aim's Companies Balance Sheet Aim's Companies May 31, 2018 and 2017 Income Statement Assets Liabilities Years Ended May 31, 2018 and 2017 2018 2017 2018 2017 Cash 2,000 $ 1,200 Total Current Liabilities 2018 2017 29,000 S 13,000 Net Sales Revenue %24 43,700 $ 42,000 Short-term Trvestments 24,000 10,000 Long-term Liabilities 13,300 12,900 Cost of Goods Sold 20,600 25,500 Accounts Receivable 7,100 5,300 Total Liabilities 42,300 25,900 Interest Expense Merchandiselrventory 7,300 7,500 Stockholders' Equity 200 140 9,000 2,300 Common Stock All Other Expenses 6.900 7,800 Other Current Assets 12,000 12,000 24 16,000 $ Total Current Assets 26,300 Retained Earnings 27,000 Total Equity Net Income 8,560 49,400 29,100 15,400 All Other Assets 34,000 41,100 27,400 $4 83,400 $ 53,300 Total Assets %24 Total Liabilities and Equity 83,400 $ 53,300 Print Done
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