3

Aim's Companies, a home improvement store chain, reported the following summarized figures (Click the icon to view the income statement.) (Click the icon to view the balance sheets.) Aim's has 40,000 common shares outstanding during 2018 Read the requirements. Requirement 1. Compute Aim's Companies' current ratio at May 31, 2018 and 2017 Begin by selecting the formula to calculate Aim'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 X.XX.) Current ratio 2018 2017 Requirement 2. Did Aim's Companies' current ratio improve, deteriorate, or hold steady during 2018? Aim's Companies' current ratio Income Statement Aim's Companies Income Statement Years Ended May 31, 2018 and 2017 2018 2017 39.800 24.900 Net Sales Revenue Cost of Goods Sold Interest Expense All Other Expenses 41,000 $ 20,600 700 6.900 630 8,400 Net Income 12,800 $ 5,870 Print Done - Balance Sheets Assets 2018 2017 13,000 10,200 23,200 Cash Short-term Investments Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets All Other Assets Aim's Companies Balance Sheet May 31, 2018 and 2017 Liabilities 2017 2018 1,300 Total Current Liabilities 27,000 $ 12,700 11,000 Long-term Liabilities 5,600 Total Liabilities 39,700 9,700 Stockholders' Equity 2,100 Common Stock 8,000 38,100 29,700 Retained Earnings 46,100 23,000 Total Equity 85,800 $ 52,700 Total Liabilities and Equity 5 2,200 $ 25,000 7,400 7,200 10,000 8,000 21.500 29.500 52.700 51,800 34,000 85,800 $ Total Assets Print Done