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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Practice Pack
...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
Expert Solution
trending now

Trending now

This is a popular solution!

video

Learn your way

Includes step-by-step video

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education