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Just need help on wrong answers and how you got the answers. Bargain Deal, Inc., is a leading retailer specializing in consumer electronics. A condensed
Just need help on wrong answers and how you got the answers.
Bargain Deal, Inc., is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the fiscal year ended January 28, 2017, are shown below. Bargain Deal, Inc. Balance Sheet At January 28, 2017 ($ in millions) Assets Current assets: Cash and cash equivalents Short-term investments Accounts receivable (net) Inventory Other current assets Total current assets Long-term assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Other current liabilities Total current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 2, 106 1,318 1,227 5,064 418 10. 133 3,698 $13,831 $ 5,100 3,775 8,875 2,242 2,714 $13,831 Bargain Deal, Inc. Income Statement For the Year Ended January 28, 2017 ($ in millions) Revenues $39,593 Costs and expenses 38,166 Operating income 1,427 Other income (expense)* (78) Income before income taxes 1,349 Income tax expense 698 Net income 651 Required: 1-a. Calculate the current ratio for Bargain Deal for its fiscal year ended January 28, 2017 1-b. Calculate the acid-test ratio for Bargain Deal for its fiscal year ended January 28, 2017 1-c. Calculate the debt to equity ratio for Bargain Deal for its fiscal year ended January 28, 2017 1-d. Calculate the times interest earned ratio for Bargain Deal for its fiscal year ended January 28, 2017. (For all requirements, round your answers to 2 decimal places.) Answer is complete but not entirely correct. Current ratio 1.14 Acid-test ratio 0.57 % 1- a. 1- b. 1- C. 1- d. Debt to equity ratio 4.10 Times interest earned ratio 1.93 timesStep by Step Solution
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