Basted Company reported the following current assets and liabilities for December 31 for two recent years: a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place. b. Is the quick ratio improving or declining? Estimated Warranty Llability Gupta Industries sold $436,000 of consumer electronics during July under a nine-month warranty. The cost to repair defects under the warranty is estimated at 4,5% of the sales price. On November 11 , a customer was given $480 cash under terms of the warranty. Required: a. Provide the journal entry for the estimated warranty expense on. July 31 for July sales. If an amount box does not require an entry, leave it blank. July 31 b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank, Nov, 11 Proceeds from Notes Payable On May 15 , Franklin Co, borrowed cash from Dakota Bank by issuing a 60 -day note with a face amount of $54,000, Assume a 360 -day year. Required: a. Determine the proceeds of the note, assuming that the note carries an interest rate of 8%. b. Determine the proceeds of the note, assuming that the note is discounted at 8%, Bon Nebo Co. sold 13,500 annual subscriptions of Magazine 20x for $52 during December 20Y8, These new subscribers will recelve monthly Issues, beginning in January 20Y9. In addition, the business had taxable income of $444,000 during the first calendar quarter of 20 Y 9 . The federal tax rate is 38%. A quarterly tax payment will be made on April 12,20 y. Prepare the Current Llabilities section of the balance sheet for Bon Nebo Co. on March 31, 20O9