If the two columns of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain. (15 points) If the totals of the trial balance columns do not equal, what are some corrective actions that might be taken to find the error? (10 points)

(TCO 1) Financial statement analysts among others compute ratios to gauge how the company is performing. One such ratio is the Acid-test (or Quick) Ratio. (1) Provide the formula for the Acid-test (or Quick) Ratio. (10 points) (2) Explain why inventories and prepaid expenses are excluded from this calculation