PLEASE SHOW YOUR WORK, AS SPECIFIC AS POSSIBLE, THANK YOU.

10. The Gopal Company has a 12/31 fiscal year end. On 1/1/2020, the Gopal company paid suppliers of inventory for inventory purchased on account in 2019. Gopal's current ratio, acid test ratio and debt to equity ratios were all greater than 1 before the transaction. What is the effect of recording the 1/1/2020 transaction on the current ratio, acid test ratio and debt to equity ratio? Current Ratio Acid test (quick) ratio Debt to Equity Ratio Effect on ratio (I, D or NE?) 11. On 12/31/2020, the Brock Company repaid the principal on a one year note. Before the transaction, the current ratio and debt to equity ratios were less than 1. Indicate whether the action described for Brock will increase (I), decrease (D) or have no effect (NE)) on the ratios indicated. Current Ratio Debt to Equity Ratio Effect on ratio (I, D or NE?) 12. During 2020, the Hardy Co. purchased land for $25 million. At the end of 2020, a similar tract of land in the area sold for $60 million. The Hardy company reported its land on the 2020 balance sheet at $25 million. What assumption/measurement or principle is illustrated in this example? 13. The Little Co. has a 12/31 fiscal year end and will file its 2020 annual report (10-K) with the SEC on 1/28/2021. On January 10, 2021, a flood in Little's factory resulted in material losses. The Little Co. did not include any mention of the losses from the flood in its 2020 annual report. Do you agree or disagree with this reporting? Explain your answer. Be specific