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Financial statement data of Greatland Engineering include the following items:

Cash $26,000

Accounts payable $107,000

Short-term investments 36,000

Accrued liabilities 32,000

Accounts receivable, net 85,000

Long-term notes payable 163,000

Inventories 147,000

Other long-term liabilities 34,000

Prepaid expenses 6,000

Net income 99,000

Total assets 677,000

Short-term notes payable 49,000

Number of common shares outstanding 46,000

REQUIREMENTS:

1.	Calculate Greatland's current ratio, debt ratio, and earnings per share. Round all ratios to two decimal places.
2.	Calculate the three ratios after evaluating the effect of each transaction that follows. Consider each transaction separately.
	a.	Borrowed $105,000 on a long-term note payable
	b.	On January 1, Issued 40,000 shares of common stock, receiving cash of $360,000
	c.	Paid off short-term notes payable, $28,000
	d.	Purchased $43,000 of merchandise on account, debiting Inventory
	e.	Received cash on account, $17,000

Financial statement data of Greatland Engineering include the following items: B (Click the icon to view the financial statement data.) Read the requirements. Requirement 1. Calculate Greatland's current ratio, debt ratio, and earnings per share. Round all ratios to two decimal places. Start by determining the formula for each ratio, beginning with the current ratio, followed by the debt ratio, and then earnings per share. Current assets Current liabilities Current ratio Total liabilities Total assets Debt ratio Common shares outstanding Earnings per share Net income Preferred dividends ) Now compute Greatland's current ratio, debt ratio, and earnings per share. (Round all ratios to two decimal places.) Current ratio Debt ratio Earnings per share Enter any number in the edit fields and then click Check Answer. 5 parts remaining Clear All Check Answer i X Data Table Cash 26,000 Accounts payable $ 107,000 Short-term investments 32,000 Accounts receivable, net 36,000 Accrued liabilities 85,000 Long-term notes payable 147,000 Other long-term liabilities 163,000 Inventories 34,000 Prepaid expenses 6,000 Net income 99,000 Total assets 677,000 Number of common Short-term notes payable 49,000 shares outstanding 46,000 Print Done i Requirements 1. Calculate Greatland's current ratio, debt ratio, and earnings per share. Round all ratios to two decimal places. 2. Calculate the three ratios after evaluating the effect of each transaction that follows. Consider each transaction separately. a. Borrowed $105,000 on a long-term note payable b. On January 1, Issued 40,000 shares of common stock, receiving cash of $360,000 C. Paid off short-term notes payable, $28,000 d. Purchased $43,000 of merchandise on account, debiting Inventory e. Received cash on account, $17,000 Print Done