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Test 1: Instructions a. Write the formula in words in cell FX, J8 and NS b. Based on the Entry Description, record the account debited and account credited for each of the ton entries (you do not need to use a formal General Journal) in columns and D. c. In the Original Ratio columns (columns F. J and N) you are given the beginning ratio of 3/4 which in decimals is 75 d. Calculate the new ratios assuming each of the ten entries was for two dollars. c. Determine whether the ratio increased decreased or stayed the same as a result of the transaction Journal Entry Current Ratio Formula: Quick Ratio Formal Entry Description Account Debited Account Credited Original Current Ratio New Current Ratio Increase Decre Caleulations the same Original Quick Ratio New Quick Calculations 0.75 0.75 0.75 0.75 0.75 1 Issuance of long-term bonds 2 Issuance of short-term notes 3 Payment of accounts payable 4 Purchase of inventory on account 5 Purchase of inventory for cash 6 Purchase of equipment with a 4-year note 7 Retirement of bonds 8 Accrued interest expense 9 Paid for a one year insurance policy 10 Purchase of short-term investment for cash 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 ournal) in columns C and D. Quick Ratio Formula: Debt to Asset Ratio Formula: /Decre Original Quick Ratio New Quick Ratio Calculations Increase/Deere the same Original Debt to New Debt to Asset Increase/Deere Asset Ratio Calculations the same Ratio e 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 Test 1: Instructions a. Write the formula in words in cell FX, J8 and NS b. Based on the Entry Description, record the account debited and account credited for each of the ton entries (you do not need to use a formal General Journal) in columns and D. c. In the Original Ratio columns (columns F. J and N) you are given the beginning ratio of 3/4 which in decimals is 75 d. Calculate the new ratios assuming each of the ten entries was for two dollars. c. Determine whether the ratio increased decreased or stayed the same as a result of the transaction Journal Entry Current Ratio Formula: Quick Ratio Formal Entry Description Account Debited Account Credited Original Current Ratio New Current Ratio Increase Decre Caleulations the same Original Quick Ratio New Quick Calculations 0.75 0.75 0.75 0.75 0.75 1 Issuance of long-term bonds 2 Issuance of short-term notes 3 Payment of accounts payable 4 Purchase of inventory on account 5 Purchase of inventory for cash 6 Purchase of equipment with a 4-year note 7 Retirement of bonds 8 Accrued interest expense 9 Paid for a one year insurance policy 10 Purchase of short-term investment for cash 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 ournal) in columns C and D. Quick Ratio Formula: Debt to Asset Ratio Formula: /Decre Original Quick Ratio New Quick Ratio Calculations Increase/Deere the same Original Debt to New Debt to Asset Increase/Deere Asset Ratio Calculations the same Ratio e 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75