Eagle Sporting Goods Company Balance Sheet March 31, 2022 Thousands ASSETS Current: Cash $ 1,500 Accounts receivable 28,300 Inventories 38,000 5,000 Other current assets Total current assets Property and equipment, net 72,800 6,500 27,000 Other assets $ $ 106,300 Total assets LIABILITIES Total current liabilities $ 54,700 14,600 Long-term liabilities Total liabilities 69,300 Current: Cash $ 1,500||$ 1,700 28,600 33,600 Accounts receivable Inventories 33,000 4,900 34,000 3,700 Other current assets Total current assets Property and equipment, net 68,000 6,500 22,000 4,000 31,100 Other assets $ 96,500||$ 108,100 Total assets LIABILITIES Total current liabilities $ 54,000||$ 6,600 64,500 9,900 Long-term liabilities Total liabilities 60,600 74,400 STOCKHOLDERS' EQUITY Common stock 23,500 12,400 23,000 10,700 Retained earnings Total stockholders' equity 35,900 33,700 $ 96,500||$ 108,100 Total liabilities and stockholders' equity Eagle Sporting Goods Company Balance Sheet March 31, 2022 Thousands ASSETS Current: Cash $ 1,500 Accounts receivable 28,300 Inventories 38,000 5,000 Other current assets Total current assets Property and equipment, net 72,800 6,500 27,000 Other assets $ $ 106,300 Total assets LIABILITIES Total current liabilities $ 54,700 14,600 Long-term liabilities Total liabilities 69,300 Next Question Welcome to MyLab Accounting! To begin, read the following problem statement and then click the icons to see a typical set of popup data in MyLab Accounting. Notice that you can move the popups and minimize them in order to continue viewing your work space. Eagle Sporting Goods Company reported the following at March 31, 2022, with amounts in thousands: Click the icon to view the balance sheet.) Read the requirements Undemeath 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 th 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 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 Eagle'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 i the problem stop. 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, Green instructions 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, decir etc. but the current ratio must be entered rounded to 2 decimal places per the green instructions. If you round to something other than 2 decimals using the correct answer, the system will still mark the answer wrong. Compute Eagle's current ratio. (Round the current ratio to two decimal places.) Current Ratio Choose from any list or enter any number in the input fields and then continue to the next 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. Green instructions 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 green instructions. If you round to something other than 2 decimals using the correct answer, the system will still mark the answer wrong. Compute Eagle'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.) Eagle Sporting Goods Company Income Statement For the Year Ended March 31, 2022 Thousands 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.) Eagle 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 green 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 debitor credit accounts does not matter as long as all of the debit accounts appear before all of the credit accounts. Requirement 3. Journalize the earning service revenue: $51,000 on account and $37.000 in cash. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit The leaming 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 Retained earnings, Cost of goods sold $ 136,200 March 31, 2021 $ 1,200|| Cash 1,500 Accounts receivable 28,300|| Property and equipment, net 6,500 Net revenues 174,000 || Common stock 28,000 Total current liabilities 54,700|| Inventories 38,000 All other expenses 30,000|| Long-term liabilities 14,600 Other current assets 5,000 Dividends 0 Other assets 27,000 ***All amounts are in thousands