Homework Help is Here – Start Your Trial Now!
Business
Accounting
Requirement 1. Compute Win's Companies' current ratio at May 31, 2018 and 2017. Begin by selecting the formula to calculate Win's Companies' current ratio Then enter the amounts and calcuate the current ratio for 2018 and then 2017. (Round your answers to two decimal places, X.XX.) Current ratio

Requirement 1. Compute Win's Companies' current ratio at May 31, 2018 and 2017. Begin by selecting the formula to calculate Win's Companies' current ratio Then enter the amounts and calcuate the current ratio for 2018 and then 2017. (Round your answers to two decimal places, X.XX.) Current ratio

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Win's Companies, a home improvement store chain, reported the following summanzed figures E (Click the icon to view the income statement.) E (Click the icon to view the balance sheets.) Win's has 20,000 common shares outstanding during 2018. Read the requirements Requirement 1. Compute Win's Companies' current ratio at May 31, 2018 and 2017 Begin by selecting the formula to calculate Win's Companies' current ratio. Then enter the amounts and calcu ale the current ratio for 2018 and then 2017. (Round your answers to two decimal places, X.XX.) Current ratio (i Balance Sheets Income Statement Win's Companies Win's Companies Balance Sheet Income Statement May 31, 2018 and 2017 Years Ended May 31, 2018 and 2017 Assets Liabilities 2018 2017 2018 2017 2018 2017 Net Sales Revenue 24 57 200 $ 39,800 Cash $. 2.300 $ 1300 Total Current Liabilities 22,000 $ 12,900 Cost of Goods Sold 22.500 25,500 12,200 11,300 Short-term Invesiments 29 000 13.000 Long-term Liabilities Interest Expense 500 320 Accounts Receivable 7,300 5.400 Total Liabilities 34,200 24,200 5,800 6,500 All Other Expenses Merchandise Inventory 7000 Stockholders' Equity 5.900 $4 28,400 $ 7,480 Net Income Other CurrentAssets 9,000 1800 Common Stock 8,000 8,000 40,400 18,200 27.400 Retained Earnings 23,000 Total Equity Total Current Assets 54,600 Print Done 28,000 48,400 26,200 All Other Asséts 24 82,600 $ 50,400 82,600 $ 50,400 Total Assets Total Liabilities and Equity Print Done Choose from any drop-down list and then click Check Answer. 2 parts Clear All
Transcribed Image Text:Win's Companies, a home improvement store chain, reported the following summanzed figures E (Click the icon to view the income statement.) E (Click the icon to view the balance sheets.) Win's has 20,000 common shares outstanding during 2018. Read the requirements Requirement 1. Compute Win's Companies' current ratio at May 31, 2018 and 2017 Begin by selecting the formula to calculate Win's Companies' current ratio. Then enter the amounts and calcu ale the current ratio for 2018 and then 2017. (Round your answers to two decimal places, X.XX.) Current ratio (i Balance Sheets Income Statement Win's Companies Win's Companies Balance Sheet Income Statement May 31, 2018 and 2017 Years Ended May 31, 2018 and 2017 Assets Liabilities 2018 2017 2018 2017 2018 2017 Net Sales Revenue 24 57 200 $ 39,800 Cash $. 2.300 $ 1300 Total Current Liabilities 22,000 $ 12,900 Cost of Goods Sold 22.500 25,500 12,200 11,300 Short-term Invesiments 29 000 13.000 Long-term Liabilities Interest Expense 500 320 Accounts Receivable 7,300 5.400 Total Liabilities 34,200 24,200 5,800 6,500 All Other Expenses Merchandise Inventory 7000 Stockholders' Equity 5.900 $4 28,400 $ 7,480 Net Income Other CurrentAssets 9,000 1800 Common Stock 8,000 8,000 40,400 18,200 27.400 Retained Earnings 23,000 Total Equity Total Current Assets 54,600 Print Done 28,000 48,400 26,200 All Other Asséts 24 82,600 $ 50,400 82,600 $ 50,400 Total Assets Total Liabilities and Equity Print Done Choose from any drop-down list and then click Check Answer. 2 parts Clear All
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Income Statement 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
SEE MORE TEXTBOOKS