Current assets and current liabilities for Brimstone Company follow: a. Determine the working capital and current ratio for 20Y4 and 20Y3. Round current ratio to 2 decimal places. b. Does the change in the current ratio from 20Y3 to 20Y4 indicate a favorable or an unfavorable change? Feedback - Fcherk My Work a. The current ratio (current assets/current liabilities), indicates whether a company has enough short-term assets to cover its short-term debt. b. The ideal current ratio is 2:1. Anything below 1 indicates negative working capital. Income Statement; Net Loss The following revenue and expense account balances were taken from the ledger of Acorn Hoalth Services Co, after the accounts had been adjusted on January 31,20r7, the end of the fiscal year: Prepare an income statement. * Check Ay War Revenues and expentes flow into the income scatemert. Precall that revenues include fees eained for serviges. It is also importand io remember that if expenses exceed reverves, a net loss wit resuth. Statement of stockholders: equity Climate Control Syitems Co. offers its services to residents in the Spokane ares. Selected accounts from the ledger of climate Control Systems for the ficcal vear ended December 31,20 , , are as follows: Propare a statement of stocicholders' equity for the yesr ended December 31, 20r2. If a net loss is incurred or dividends were poid, enter that amount as a negative number using a minus sigh. Climate Control Systems Co. Statement of stockholders' Equity Prepare a statement of stockholders' equity for the year ended December 31, 20v2. If a net loss is incurred or dividends were paid, enter that amount as a negative nurtber using a minus sign. T Bheck thy Work Compare the classification of income and expenses for the two companies. Statement of stockholders' equity; net loss Selected accounts from the ledger of Restoration Arts for the fiscal year anded April 30, 20Y5, are as folliows: Prepare a statement of stockholders' equity for the year. If a nat loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank: Prepare a statement of stockholders' equity for the year. If a net loss is incumred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank. TCheck Wak The statement of stockholders' equity shows the boginning balances of common stock and retained earmings. The common stock balance will be increased by any stock issued during the period, and retained earnings will be increasod by any net income and decreased by any net losses and dividends. Current assets and current liabilities for Brimstone Company follow: a. Determine the working capital and current ratio for 20Y4 and 20Y3. Round current ratio to 2 decimal places. b. Does the change in the current ratio from 20Y3 to 20Y4 indicate a favorable or an unfavorable change? Feedback - Fcherk My Work a. The current ratio (current assets/current liabilities), indicates whether a company has enough short-term assets to cover its short-term debt. b. The ideal current ratio is 2:1. Anything below 1 indicates negative working capital. Income Statement; Net Loss The following revenue and expense account balances were taken from the ledger of Acorn Hoalth Services Co, after the accounts had been adjusted on January 31,20r7, the end of the fiscal year: Prepare an income statement. * Check Ay War Revenues and expentes flow into the income scatemert. Precall that revenues include fees eained for serviges. It is also importand io remember that if expenses exceed reverves, a net loss wit resuth. Statement of stockholders: equity Climate Control Syitems Co. offers its services to residents in the Spokane ares. Selected accounts from the ledger of climate Control Systems for the ficcal vear ended December 31,20 , , are as follows: Propare a statement of stocicholders' equity for the yesr ended December 31, 20r2. If a net loss is incurred or dividends were poid, enter that amount as a negative number using a minus sigh. Climate Control Systems Co. Statement of stockholders' Equity Prepare a statement of stockholders' equity for the year ended December 31, 20v2. If a net loss is incurred or dividends were paid, enter that amount as a negative nurtber using a minus sign. T Bheck thy Work Compare the classification of income and expenses for the two companies. Statement of stockholders' equity; net loss Selected accounts from the ledger of Restoration Arts for the fiscal year anded April 30, 20Y5, are as folliows: Prepare a statement of stockholders' equity for the year. If a nat loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank: Prepare a statement of stockholders' equity for the year. If a net loss is incumred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank. TCheck Wak The statement of stockholders' equity shows the boginning balances of common stock and retained earmings. The common stock balance will be increased by any stock issued during the period, and retained earnings will be increasod by any net income and decreased by any net losses and dividends