Refer to problem P3-46A.
1. Use the Marciano Ltd. data in problem P3-46A to prepare the company's classified balance sheet at March 31, 2017. Show captions for total assets, total liabilities, and shareholders' equity.
2. Evaluate Marciano's debt position as strong or weak, giving your reason. Assess whether Marciano's ability to pay both current and total debts improved or deteriorated during 2017. In order to complete your evaluation, compute Marciano's current and debt ratios at March 31, 2017, rounding to two decimal places. At March 31, 2016, the current ratio was 1.30 and the debt ratio was 0.30.
Data from P3-46A.