Data Table Blue Bird Sporting Goods Company Balance Sheet March 31, 2022 Thousands ASSETS Current: Cash $ 800 Accounts receivable 28,300 Inventories 34,000 4,800 Other current assets Total current assets 67,900 Data and cinnt Print Done ata Table Property and equipment, net 7,100 26,000 Other assets 101,000 Total assets LIABILITIES Total current liabilities 52,600 10.700 Long-term liabilities Total liabilities 63,300 STOCKHOLDERS' EQUITY Common stock 22.500 Retained earnings 15.200 Total stockholders' equity 37.700 X Data Table 26,000 Other assets 101.000 Total assets LIABILITIES Total current liabilities 52,600 10,700 Long-term liabilities Total liabilities 63,300 STOCKHOLDERS' EQUITY Common stock 22.500 15.200 Retained earnings Total stockholders' equity 37,700 Total liabilities and stockholders' equity 9. 101,000 Requirements 1. Compute Blue Bird'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: $51,000 on account and $41.000 in cash 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 Blue Bird's current ratio. (Round the current ratio to two decimal places) Current assets 1 Current liabilities Current Ratio 67900 7 52600 1.29 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 question and 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. 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 Blue Bird'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.) Blue Bird Sporting Goods Company Income Statement For the Year Ended March 31, 2022 Thousands Blue Bird 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 accoun 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 exam 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 ac Requirement 3. Journalize the earning of service revenue: $51,000 on account and $41,000 in cash. (Record debits first, then credits. Explanations are not required) Journal Entry Date Debit Credit Accounts Arraunte Receivable Requirement 3. Journalize the earning of service revenue: $51,000 on account and $41,000 in cash. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Accounts Receivable Cash Service Revenue Accounts Payable Data Table Blue Bird Sporting Goods Company Balance Sheet March 31, 2022 Thousands ASSETS Current: Cash $ 800 Accounts receivable 28,300 Inventories 34,000 4,800 Other current assets Total current assets 67,900 Data and cinnt Print Done ata Table Property and equipment, net 7,100 26,000 Other assets 101,000 Total assets LIABILITIES Total current liabilities 52,600 10.700 Long-term liabilities Total liabilities 63,300 STOCKHOLDERS' EQUITY Common stock 22.500 Retained earnings 15.200 Total stockholders' equity 37.700 X Data Table 26,000 Other assets 101.000 Total assets LIABILITIES Total current liabilities 52,600 10,700 Long-term liabilities Total liabilities 63,300 STOCKHOLDERS' EQUITY Common stock 22.500 15.200 Retained earnings Total stockholders' equity 37,700 Total liabilities and stockholders' equity 9. 101,000 Requirements 1. Compute Blue Bird'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: $51,000 on account and $41.000 in cash 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 Blue Bird's current ratio. (Round the current ratio to two decimal places) Current assets 1 Current liabilities Current Ratio 67900 7 52600 1.29 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 question and 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. 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 Blue Bird'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.) Blue Bird Sporting Goods Company Income Statement For the Year Ended March 31, 2022 Thousands Blue Bird 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 accoun 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 exam 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 ac Requirement 3. Journalize the earning of service revenue: $51,000 on account and $41,000 in cash. (Record debits first, then credits. Explanations are not required) Journal Entry Date Debit Credit Accounts Arraunte Receivable Requirement 3. Journalize the earning of service revenue: $51,000 on account and $41,000 in cash. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Accounts Receivable Cash Service Revenue Accounts Payable