1.

The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below.

Assets				Liabilities and Equity
Current assets:				Current liabilities:
Cash	$	62		Accounts payable	$	236
Accounts receivable (net)		183		Other current liabilities		79
Notes receivable		62		Total current liabilities		315
Inventory		219		Long-term liabilities		97
Prepaid expenses		40		Total liabilities		412
Total current assets		566		Shareholders' equity:
Equipment (net)		258		Common stock		146
				Retained earnings		266
				Total shareholders' equity		412
Total assets	$	824		Total liabilities and equity	$	824

The acid-test ratio is (Round your answer to 2 decimal places.):

2.

Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.

	Debit		Credit
Accounts receivable	665
Building and equipment	928
Cash	48
Interest receivable	38
Inventory	21
Land	151
Notes receivable (long-term)	485
Prepaid rent	29
Supplies	9
Trademark	47
Accounts payable			644
Accumulated depreciation			73
Additional paid-in capital			484
Dividends payable			27
Common stock (at par)			14
Income tax payable			49
Notes payable (long-term)			812
Retained earnings			295
Deferred revenue			23
TOTALS	2,421		2,421

What would Symphony report as total shareholders' equity?

3.

On August 1, 2021, Rocket Retailers adopted a plan to discontinue its catalog sales division, which qualifies as a separate component of the business according to GAAP regarding discontinued operations. The disposal of the division was expected to be concluded by June 30, 2022. On January 31, 2022, Rocket's fiscal year-end, the following information relative to the discontinued division was accumulated:

Operating loss Feb. 1, 2021Jan. 31, 2022	$	120,000
Estimated operating losses, Feb. 1June 30, 2022		84,000
Impairment of division assets at Jan. 31, 2022		27,000

In its income statement for the year ended January 31, 2022, Rocket would report a before-tax loss on discontinued operations of: