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8. The following information on current assets and current liabilities is for Ashford Company. Compute Ashford's acid-test ratio (Round your answer to 2 decimal places). ACT 201 handout Ch 5. Accounting for Merchandising Operations 9. The following information on sales and cost of goods sold is for Tyler Company. Compute Tyler's gross margin ratio (Round your answer to 2 decimal places). 10. A company purchased $5,000 worth of merchandise. Transportation costs for the buyer were an additional $300. The company returned $400 worth of merchandise and then paid the invoice within the 2% cash discount period. The total cost of this merchandise is: 7. Lugar Company reports the following income statement accounts for the year ended June 30 . Prepare a multiple-step income statement. ACT 201 handout Ch 5. Accounting for Merchandising Operations 5. Telo Company's ledger on July 31, is fiscal vear-end, shom merchandise inventory of 537,800 before accounting for any sheinkage. A physical count of as July 31 wear-end inventory dicloses that the cost of the merchandise inventory still available is $35,900 Prepare the entry to record any inventory shrinkage. 3 ACT 201 handout Ch 5. Accounting for Merchandising Operations 6. The following list includes temporary accounts from the December 31 adjusted trial balance of Emilio Company. Use these normal account balances to journalioe clocing entriex. 4. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. ACT 201 handout Ch 5. Accounting for Merchandising Operations