Use the data for Atlantis Aquatics, Inc., from E4-21 A. Requirements 1. Prepare Atlantis Aquatics classified balance
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Use the data for Atlantis Aquatics, Inc., from E4-21 A.
Requirements 1. Prepare Atlantis Aquatics’ classified balance sheet. Use the account format. The balance shown for retained earnings represents the balance prior to clos¬ ing the temporary accounts for the year.
2. Calculate the current ratio.
3. The current ratio for 2009 was 1.25. Did the current ratio improve or deteriorate during 2010?
4-21
The account balances for Atlantis Aquatics, Inc., for the year ended December 31, 2010, are presented next in random order:
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