Assume Williams and Sellers, the accounting firm, advices, Ocean Mist seafood that its financial statements must be changed to comber to GAAP. At December 31, 2016, Ocean Mists accounts include the following: Restive Ocean current accounts to conform to GAAP. (Challenge) Compute Ocean current ratio and quick ratio both before and after your Determine Ocean current net income for 20016. (Challenge) Begin by selecting the accounts in order of liquidity of the order they appear in the original data. Then enter the amounts to conform to GAAP(Assume the order presented in the data provided is in order of liquidity) Compute Ocean current ratio and quick (acid-test) ratio both before and after your corrections (Round the ratios to two decimal places) Determine Ocean current net income for 2016 (Challenge) The current net income for 2016 is The accounting firm advised Ocean of the following. Cash includes $ 18,000 that is deposited in compensating balance account that is up unit 2018. The market value of the trading scurries is $17,000. Ocean purchased the investments a of weeks ago. Ocean has been using the direct write - off method to account for uncollectible receivables During 2016. Ocean wrote off bed receivables of $4,000. The aging of Ocean receivables at year-end indicated uncollectable of $26, 500 Ocean reported net income of in 2016. Assume Williams and Sellers, the accounting firm, advices, Ocean Mist seafood that its financial statements must be changed to comber to GAAP. At December 31, 2016, Ocean Mists accounts include the following: Restive Ocean current accounts to conform to GAAP. (Challenge) Compute Ocean current ratio and quick ratio both before and after your Determine Ocean current net income for 20016. (Challenge) Begin by selecting the accounts in order of liquidity of the order they appear in the original data. Then enter the amounts to conform to GAAP(Assume the order presented in the data provided is in order of liquidity) Compute Ocean current ratio and quick (acid-test) ratio both before and after your corrections (Round the ratios to two decimal places) Determine Ocean current net income for 2016 (Challenge) The current net income for 2016 is The accounting firm advised Ocean of the following. Cash includes $ 18,000 that is deposited in compensating balance account that is up unit 2018. The market value of the trading scurries is $17,000. Ocean purchased the investments a of weeks ago. Ocean has been using the direct write - off method to account for uncollectible receivables During 2016. Ocean wrote off bed receivables of $4,000. The aging of Ocean receivables at year-end indicated uncollectable of $26, 500 Ocean reported net income of in 2016
