40 Dylan Co. Selected Financal Information (Input - all numbers are in $ millions Accumulated depreciation $ (210) Copyright 20 Retained eaming 175 Interest payable 15 Notes payable (Current portion) 20 Salaries payable 120 Notes payable 125 Common stock 70 Cash 245 Paid in capital - common 180 Inventory 300 Dividends payable Accounts receivable 190 Accounts payable 25 Supplies 25 Income taxes payable 60 Prepaid rent 20 Unearned Revenue 130 Land 120 Buildings and equipment 250 Ratio: Dylan Co. Balance Sheet ($ millions) Current ratio = Total current assets Total assets Total current liabilities Total Long Term Liabilities Total Equity Total Liabilities and Equity Assignment_Student Instructions_Fall 2019.docx o - Zoom - The finanual information line items shown in the accompanying Excel spreadsheet (downloadable from the course Canvas site in the "Excel Assignment" folder under "Files") are taken from the Dylan Co. at December 31, 2018. All dollars are in $ millions. Required: (a) Prepare a classified balance sheet for Dylan Co. as of December 31, 2018. (b) Within the same worksheet, compute the current ratio (explained on p. 68 of the textbook). (c) Submit a separate page (using Microsoft Word) that contains a one- paragraph discussion of: 1) the current ratio: how it is calculated, what it measures and 2) what your opinion of Dylan Co.'s financial situation is, based on just this ratio. Note: in real life, we never make decisions based on just one or very few financial ratios. For our purposes however, we will consider this one ratio sufficient for the basis of our opinion