Solved: Use the data for Atlantis Aquatics Inc from E5 8A

Cash
Use the data for Atlantis Aquatics Inc from E5 8A Cash

Use the data for Atlantis Aquatics, Inc. from E5-8A.

Cash ............... $ 3,700

Equipment ............ 13,700

Accounts Payable ......... 4,500

Common Shares ......... 35,000

Long-Term Notes Payable ...... 10,000

General Expenses ......... 18,200

Wages Payable ............ 1,100

Supplies ............ 900

Building ............ 125,000

Sales Returns and Allowances ...... 4,800

Prepaid Rent ............ 800

Retained Earnings ........ 13,800

Inventory ............ 1,700

Cost of Goods Sold ....... $136,400

Accumulated Depreciation, Equipment . 6,100

Unearned Revenues ....... 1,900

Sales Revenue ............ 243,500

Accounts Receivable ....... 3,200

Accumulated Depreciation, Building ... 18,500

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 Mortgage Payable (Long-Term) ...... 37,000

Dividends ............ 34,000

Sales Discounts ........ 2,200

Selling Expenses ........ 26,800

Requirements

1. Prepare Atlantis Aquatics’ classified balance sheet. Use the account format.

The balance shown for retained earnings represents the balance prior to closing the temporary
accounts for the year.

2. Calculate the current ratio.

3. The current ratio for 2012 was 1.25. Did the current ratio improve or deteriorate during 2013?

Use the data for Atlantis Aquatics Inc from E5 8A Cash

ANSWER
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