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Win's Companies Balance Sheet May 31, 2018 and 2017 Assets Liabilities 2018 2017 2018 2017 Cash %24 2,300 $ 1,300 Total Current Liabilities %24 22,000 $ 12,900 Short-term Ivestments 29,000 13,000 Long-term Liabilities 12,200 11,300 Accounts Receivable 7,300 5,400 Total Liabilities 34,200 24,200 Merchandise Inventory 7,000 5,900 Stockholders Equity Other Current Assets 9,000 1,800 Common Stock 8,000 8,000 40,400 18,200 Tot Current Assets 54,600 27,400 Retained Earnings All Other Assets 28,000 23,000 Total Equity 48,400 26,200 Total Assets $4 82,600 $ 50,400 %24 Total Liabilities and Equity 82,600 $ 50,400

Win's Companies Balance Sheet May 31, 2018 and 2017 Assets Liabilities 2018 2017 2018 2017 Cash %24 2,300 $ 1,300 Total Current Liabilities %24 22,000 $ 12,900 Short-term Ivestments 29,000 13,000 Long-term Liabilities 12,200 11,300 Accounts Receivable 7,300 5,400 Total Liabilities 34,200 24,200 Merchandise Inventory 7,000 5,900 Stockholders Equity Other Current Assets 9,000 1,800 Common Stock 8,000 8,000 40,400 18,200 Tot Current Assets 54,600 27,400 Retained Earnings All Other Assets 28,000 23,000 Total Equity 48,400 26,200 Total Assets $4 82,600 $ 50,400 %24 Total Liabilities and Equity 82,600 $ 50,400

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 76E
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Win's Companies, a home improvement store chain, reported the following summarized figures: E (Click the icon to view the income statement.) Win's has 20,000 common shares outstanding during 2018. A (Cick the icon to view the balance sheets) 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 calculate the current ratio for 2018 and then 2017. (Round your answers to two decimal places, XXX.) Current ratio Income Statement %3D Win's Companies Income Statement Years Ended May 31, 2018 and 2017 2018 2017 Net Sales Revenue 24 57,200 $ 39,800 Cost of Goods Sold 22.500 25,500 Interest Expense 500 320 All Other Expenses 5,800 6,500 $4 28.400 $ 7,480 Net Income
Transcribed Image Text:Win's Companies, a home improvement store chain, reported the following summarized figures: E (Click the icon to view the income statement.) Win's has 20,000 common shares outstanding during 2018. A (Cick the icon to view the balance sheets) 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 calculate the current ratio for 2018 and then 2017. (Round your answers to two decimal places, XXX.) Current ratio Income Statement %3D Win's Companies Income Statement Years Ended May 31, 2018 and 2017 2018 2017 Net Sales Revenue 24 57,200 $ 39,800 Cost of Goods Sold 22.500 25,500 Interest Expense 500 320 All Other Expenses 5,800 6,500 $4 28.400 $ 7,480 Net Income
Win's Companies Balance Sheet May 31, 2018 and 2017 Assets Liabilities 2018 2017 2018 2017 Cash 1,300 Total Current Liabilities 22,000 S 12,200 2,300 $ 12,900 Short-term Investments 29,000 13,000 Long-term Liabilities 11,300 Accounts Receivable 7,300 5,400 Total Liabilities 34,200 24,200 Merchandise Inventory 7,000 5,900 Stockholders Equity Other Current Assets 9,000 1,800 Common Stock 8,000 8,000 Total Current Assets 54,600 27,400 Retained Earnings 40,400 18,200 All Other Assets 28,000 23,000 Total Equity 48,400 26,200 %24 82,600 $ 50,400 82,600 $ 50,400 Total Assets Total Liabilities and Equity
Transcribed Image Text:Win's Companies Balance Sheet May 31, 2018 and 2017 Assets Liabilities 2018 2017 2018 2017 Cash 1,300 Total Current Liabilities 22,000 S 12,200 2,300 $ 12,900 Short-term Investments 29,000 13,000 Long-term Liabilities 11,300 Accounts Receivable 7,300 5,400 Total Liabilities 34,200 24,200 Merchandise Inventory 7,000 5,900 Stockholders Equity Other Current Assets 9,000 1,800 Common Stock 8,000 8,000 Total Current Assets 54,600 27,400 Retained Earnings 40,400 18,200 All Other Assets 28,000 23,000 Total Equity 48,400 26,200 %24 82,600 $ 50,400 82,600 $ 50,400 Total Assets Total Liabilities and Equity
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Current ratio: The financial ratio which evaluates the ability of a company to pay off the debt obligations which mature within one year or within completion of operating cycle is referred to as current ratio. This ratio assesses the liquidity of a company.

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