Ratio Analysis Presented below are summary financial data from Porter's annual report: Amounts in millions Balance Sheet Cash and Cash Equivalents $1,850 Marketable Securities 19,100 Accounts Receivable (net) 9,367 Total Current Assets 39,088 Total Assets 123,078 Current Liabilities33338,450 Long-Term Debt 7 ,279 Shareholders' Equity 68,278 Income Statement Interest Expense 400 Net Income Before Taxes 14,007 Calculate the following ratios: (Round to 2 decimal points) a. Times-interest-earned ratio b. Quick ratio c. Current ratio Adjusting Entries for Interest The following note transactions occurred during the year for Towne Company Nov. 25 Towne issued a 90-day, nine percent note payable for $8,000 to Hyatt Company for merchandise. Dec 7 Towne signed a 120-day, $30,000 note at the bank at ten percent. Dec. 22 Towne gave Barr, Inc., a $12,000, four percent, 60-day note in payment of account. Prepare the general journal entries necessary to adjust the interest accounts at December 31. Use 360 days for calculations and round to the nearest dollar. General Journal Description Debit Credit Date Dec.31 To accrue interest expense for note issued on Nov. 25. Dec.31 O O To accrue interest expense for note signed on Dec. 7. Dec. 31 Oo oo O To accrue interest expense for note on Dec. 22