Data table ASSETS Current: Robin Sporting Goods Company Balance Sheet March 31, 2022 Thousands Cash $ 900 Accounts receivable 27,700 Inventories 38,000 Other current assets 4,700 Total current assets 71,300 Property and equipment, net 6,900 Other assets 24,100 $ 102,300 Total assets LIABILITIES Total current liabilities $ 53,700 Long-term liabilities 16,500 Total liabilities 70,200 STOCKHOLDERS' EQUITY Common stock 24,000 8,100 Retained earnings 32,100 Total stockholders' equity $ 102,300 Total liabilities and stockholders' equity Print Done Requirements 1. Compute Robin's current ratio. (Round to two decimal places.) 2. Prepare the income statement for the year ended March 31, 2022 3. Journalize the earning of service revenue: $60,000 on account and $45,000 in cash. Print Done Underneath the problem you wit see button to check or clear your answers. (These will not appear when there are no inputs in the step, instead you'll see the "Continue button to click on to move to the nod portion of the explos) Use those canfully because clear will delete al inputs in the question that haven't yet been graded Check your answers only after entering at required inputs for that step Buttons with the question number and the number of problems in the homework appear at the top of the scroun. Use these buttons to move to other questions in the assignment. You will aho see an Overv button that you can click at any time to see an Overview of how you're doing on the assignment. You can easily move back and forth between questions by clicking their name Begin to work through Requirement 1 Click the first in the-blank and notice the dropdown ist The conect formula for thes stop is Cument assetsCumont abilities Cumentato Tonate how the table wit be graded, select an inconect answer (choose Total stockholders' equity) and select the Check Answer' button at the bottom of the screen to see how you did Requirement 1. Compute Robin's current ratio (Round the current ratio to two decimal places.) Cuneta Notice that you are given a feedback message that points you toward inconect answers. The feedback will not be specific enough to answer the question for you, but to point you to the first umor that you have made in the problem step You should anter all of the inputs for that particular stop before checking your answers. Generally you will get three attempts at each step before you will be graded, although instructors can specify those settings After your intial attempt, if you have additional atempts available continue to work to find the correct answer dicking "Check Answer" after each attempt until your attempts are exhausted and MyLab Accounting completes the question and movers you to the next part of the question MyLab Accounting gives as much flexibility as possible in answer formatting to give credit for answers that are correct even using an alternate format. Most answers can be entered in various forms, including commas, decemats, dolar signs, etc instructions, in parentheses, indicate that you need to be very careful to follow the instructions and enter your answer exactly as requested in this case it would be okay to enter the Coment assets and Current labities with dollar signs, commas, decimals, etc but the current ratio must be entered rounded to 2 decimal places per the instructions if you round to something other than 2 decimals insing the conect answer, the system will still mark the answer wrong Compute Robin's current rato (Round the current rato to two decimal places) Curent Rato A Mylab Accounting has graded your answers, you can see both conect and incorrect answers Incorrect answers are indicated with a red triangle in the upper right comes. These cuts will now show the correct answer Hovering the mouse over the correct answer will show the incorrect answer you entered MyLab Accounting populates the correct answer to prevent you from carrying wrong answers through a whole problem. Note that the purpose of the table below is to hustate how the correct answers will be displayed when incorrect responses are entered You do not need to know how to correctly complete the table Enter anything in the cells below and check your answer three times to illustrate Requirement 2. Prepare the income statement for the year ended March 31, 2022 (Click to view the information you will need to complete the income statement) Robin Sporting Goods Company Income Statement For the Your Ended March 31, 2022 Thousands in accounting the order of accounts can be very important, for example, on an income statement revenues should appear before expenses. But there are instances where the order of a group of accounts does not matter, kes the expense section of an income statement where it doesn't matter the order of all the individual expense accounts. Always refer to the instructions to see if a particular order is requared See the example below, for al journat entries debit accounts must always come before the credit accounts. The order of individual debit or credit accounts does not matter as long as all of the debit accounts appea belom all of the credit accounts Requirement 3. Journalize the eaming of service revenue $00,000 on account and $45,000 in cash (Recont debts first, then credits Explanations are not required) Date Journal Entry Accounts Debil Credit The leaming as will help you if you get stuck on a question. They either appear on the right as separate buttons to click on or withen the Question Help monu at the top rght The avalablaming whs may change from question su question depending on the type of problem and if your instructor enablers all of the learning aids The possible learning aidos ale Help Me Solve This hips you work through the question, using different numbers, while breaking it into smaller steps, and adding more instruction and guidance Students can work through a Help Me Solve This question before attempting their graded homework, as it makes the successful completion of that question in one attempt much more likely You can also toggle into the Help Me Solve This ut any ime while you are working through a homework or study plan question and use the skip ahead button to the exact point in the question where you are stuck NOTE it your imbuctor mts the number of attempts on questions, working through an entre Help Me Solve This question reduces the total number of attempts by 1 Click on the Help Me Solve This button or select from the Question Help menu on the right to walk through an example The DemoDocs are Flash animations that show an entire question worked through slep-by-step showing the chapter's main topic(s) The DemoDocs are Mke having your professor review the question ov and overt The Video button (when avalable) allows you to view a short lesson on the concept covered in the problem. The real live professor will give you the information you need to help solve your accounting problems The Textbook Pages link lakos you night to the page in your book that covers the learning objective you're working on The Calculator button brings up a calculator where you can check your math before entering an answer Clicking Ask My instructor lets you send an email to your instructor with a link to the problem you're working on Data table ASSETS Current: Robin Sporting Goods Company Balance Sheet March 31, 2022 Thousands Cash $ 900 Accounts receivable 27,700 Inventories 38,000 4,700 Other current assets Total current assets Property and equipment, net 71,300 6,900 Other assets 24,100 $ Total assets 102,300 LIABILITIES Total current liabilities $ 69 53,700 LIABILITIES Total current liabilities $ 53,700 Long-term liabilities 16,500 Total liabilities 70,200 STOCKHOLDERS' EQUITY Common stock 24,000 Retained earnings Total stockholders' equity 8,100 32,100 $ 102,300 Total liabilities and stockholders' equity Print Done Underneath the problem you will see buttons to 'check' or 'clear' your answers. (These will not appear when there are no inputs in the step, instead you'll see the 'Continue' button to click on to move to the next portion of the exercise.) Use these carefully because 'clear" will delete all inputs in the question that haven't yet been graded. Check your answers only after entering all required inputs for that step. Buttons with the question number and the number of problems in the homework appear at the top of the screen. Use these buttons to move to other questions in the assignment. You will also see an Overview button that you can click at any time to see an Overview of how you're doing on the assignment. You can easily move back and forth between questions by clicking their name. Begin to work through Requirement 1. Click the first fill-in-the-blank and notice the dropdown list. The correct formula for this step is Current assets/Current liabilities Current ratio. To illustate how the table will be graded, select an incorrect answer (choose Total stockholders' equity) and select the 'Check Answer' button at the bottom of the screen to see how you did: Requirement 1. Compute Robin's current ratio. (Round the current ratio to two decimal places.) Current Ratio Notice that you are given a feedback message that points you toward incorrect answers. The feedback will not be specific enough to answer the question for you, but to point you to the first error that you have made in the problem step. You should enter all of the inputs for that particular step before checking your answers. Generally you will get three attempts at each step before you will be graded, although instructors can specify those settings. After your initial attempt, if you have additional attempts available continue to work to find the correct answer clicking "Check Answer" after each attempt until your attempts are exhausted and MyLab Accounting completes the MyLab Accounting gives as much flexibility as possible in answer formatting to give credit for answers that are correct even using an alternate format. Most answers can be entered in various forms, including commas, decimals, dollar signs, etc. Instructions, in parenthesis, indicate that you need to be very careful to follow the instructions and enter your answer exactly as requested. In this case it would be okay to enter the Current assets and Current liabilities with dollar signs, commas, decimals, etc. but the current ratio must be entered rounded to 2 decimal places per the instructions. If you round to something other than 2 decimals using the correct answer, the system will still mark the answer wrong. Compute Robin's current ratio. (Round the current ratio to two decimal places.) Current Ratio After MyLab Accounting has graded your answers, you can see both correct and incorrect answers. Incorrect answers are indicated with a red triangle in the upper right corner. These cells will now show the correct answer. Hovering the mouse over the correct answer will show the incorrect answer you entered. MyLab Accounting populates the correct answer to prevent you from carrying wrong answers through a whole problem. Note that the purpose of the table below is to illustate how the correct answers will be displayed when incorrect responses are entered. You do not need to know how to correctly complete the table. Enter anything in the cells below and check your answer three times to illustrate: Requirement 2. Prepare the income statement for the year ended March 31, 2022 (Click to view the information you will need to complete the income statement.) Requirement 2. Prepare the income statement for the year ended March 31, 2022. (Click to view the information you will need to complete the income statement.) Robin Sporting Goods Company Income Statement For the Year Ended March 31, 2022 Thousands In accounting the order of accounts can be very important, for example, on an income statement revenues should appear before expenses. But there are instances where the order of a group of accounts does not matter, like in the expense section of an income statement where it doesn't matter the order of all the individual expense accounts. Always refer to the instructions to see if a particular order is required. See the example below, for all journal entries debit accounts must always come before the credit accounts. The order of individual debit or credit accounts does not matter as long as all of the debit accounts appear before all of the credit accounts. Begin to work through Requirement 1. Select an incorrect answer (choose Current liabilities / Current assets) and select the 'Check answer' button at the bottom of the screen to see how you did Requirement 1. Identify the formula to compute the current ratio. OA. Current assets / Current liabilities B. Current liabilities/Current assets C. Current assets / Total liabilities OD. Total assets/Current liabilities. Notice that you are given a feedback message upon choosing an incorrect answer. The feedback will not be specific enough to answer the question for you, but to point you to error that you have made. Generally you will get two attempts at each multiple-choice step before you will be graded, although instructors can specify those settings. After your initial attempt, if you have additional attempts available continue to work to find the correct answer clicking check answer after each attempt until your attempts are exhausted and MyLab Accounting completes the question by placing a green star over the correct answer and a red "X" over the incorrect answer that you chose MyLab Accounting then moves you to the next part of the question. MyLab Accounting gives as much flexibility as possible in answer formatting to give credit for answers that are correct even using an alternate format. Most answers can be entered in various forms, including commas, decimals, dollar signs, etc. When answering a free response question, however, like the one below, notice that the currency symbol will display before the input box. When you see this symbol, it indicates that you should not enter the currency symbol within the input box. Doing so will result in the system marking the answer as incorrect. Requirement 2. Determine the total current assets balance for Eagle Sporting Goods at March 31, 2021, and then compute the current ratio as of March 31, 2022 and as of March 31, 2021 Begin by determining the total current assets balance for Eagle Sporting Goods at March 31, 2021 Total current asset at March 31, 2021 amount to S After MyLab Accounting has graded your answers, you can see both correct and incorrect answers. Incorrect answers are indicated with a red triangle in the upper right corner These cells will now show the correct answer Hovering the mouse over the correct answer will show the incorrect answer you entered. MyLab Accounting populates the correct answer to prevent you from carrying wrong answers through a whole problem Green instructions indicate that you need to be very careful to follow the instructions and enter your answer exactly as requested. In this case the current ratios must be entered rounded to 2 decimal places per the instructions. If you round to something other than 2 decimals using the correct answer, the system will still mark the answer wrong Enter an incorrect answer in either of the input boxes and select the 'Check answer' button at the bottom of the screen to see how you did Now compute the current ratio as of March 31, 2022 and as of March 31, 2021. (Round to two decimal places.) The current ratio is at March 31, 2022 and is at March 31, 2021. Notice that you are given a feedback message that points you toward incorrect answers. The feedback will not be specific enough to answer the question for you, but to point you to the first error that you have made in the problem step and, in this case, the feedback also reminds you to round your answer to two decimal places. You should enter all of the inputs for that particular step before checking your answers. Generally you will get three attempts at each sten before you will be graded although instructors can specify those settings Requirement 3. Has the current ratio for Eagle Sporting Goods improved or deteriorated during the fiscal year ending March 31, 2022 How can you tell? You must answer both dropdowns in this step before checking your answer. To change your answer, click on the answer box and select your new answer. The amount of attempts you will receive will depend on the number of choices in the dropdowns. Eagle's current ratio 2021 to 2022 during fiscal 2022. We know this because the ratio from The learning aids will help you if you get stuck on a question. They either appear on the right as separate buttons to click on or within the Question Help menu at the top right. The available learning aids may change from question to question depending on the type of problem and if your instructor enables all of the learning aids. The possible learning aides are: Help Me Solve This helps you work through the question, using different numbers, while breaking it into smaller steps, and adding more instruction and guidance. Students can work through a Help Me Solve This question before attempting their graded homework, as it makes the successful completion of that question in one attempt much more likely. You can also toggle into the Help Me Solve This at any time while you are working through a homework or study plan question and use the skip ahead button to the exact point in the question where you are stuck. NOTE: if your instructor limits the number of attempts on questions, working through an entire Help Me Solve This question reduces the total number of attempts by 1. Click on the Help Me Solve This button or select from the Question Help menu on the right to walk through an example. The DemoDocs are Flash animations that show an entire question worked through step-by-step showing the chapter's main topic(s). The DemoDocs are like having your professor review the question over and overl