The accounting records of Rick's Appliances included the following balances at the end of the period: Accrued Warranty Payable Sales Revenue Warranty Expense Bog bal 2,500 118,000 in the past, Rick's warranty expense has been 8% of sales. During the current period, the business paid $8,500 to satisfy the warranty claims. Read the famont Journal Entry Date Accounts Debit Credit Requirement 2. Show what Rick's will report on its income statement and balance sheet for this situation at the end of the period. (If an input field is not used in the sta Begin by showing what the company would report on its income statement at the end of the period. Income Statement Now show what the company would report on its balance sheet at the end of the period. Balance Sheet Choose from any list or enter any number in the input fields and then continue to the next question. Rool in In the past, Rick's warranty expense has been 8% of sales. During the current period, the business paid $8,500 to satisfy the warranty claims. Read the fequitements Begin by showing what the company would report on its income statement at the end of the period. Income Statement Now show what the company would report on its balance sheet at the end of the period. Balance Sheet Requirement 3. Which data item from requirement 2 will affect the current ratio? Will Rick's current ratio increase or decrease due to this item? Which data item from Requirement 2 will affect Rick's current ratio? y Will Rick's current ratio increase or decrease as a result of an increase in this item? Choose from any list or enter any number in the input fields and then continue to the next question, 1 Requirements 1. Journalize Rick's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. 2. Show what Rick's will report on its income statement and balance sheet for this situation at the end of the period. 3. Which data item from requirement 2 will affect the current ratio? Will Rick's current ratio increase or decrease due to this item