Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

The accounts of Mountain Lodge Services, Inc., at January 31, 2018, are listed in alphabetical order. : (Click the icon to view the accounts.) The

image text in transcribedimage text in transcribedimage text in transcribed

The accounts of Mountain Lodge Services, Inc., at January 31, 2018, are listed in alphabetical order. : (Click the icon to view the accounts.) The Retained Earnings T-account is shown below: (Click the icon to view the T-account.) Read the requirements Requirement 1. Prepare the company's classified balance sheet at January 31, 2018. Complete the assets section in the first step, followed by the liabilities section in the second step, and the shareholders' equity section in the third step. (If a box is not used in the balance sheet leave the box empty; do not select a label or enter a zero.) Mountain Lodge Services, Inc. Balance Sheet January 31, 2018 Assets . Data Table Reference x $ 1,000 13,800 16,500 13,600 5,900 Expenses Dividends Retained Earnings 45,400 Balance, January 31, 2017 11,000 Revenue Balance January 31, 2018 91,500 48.900 Less: 13,800 Accounts payable Accounts receivable Accumulated depreciation, equipment Advertising expense Cash Common stock Current portion of long-term note payable Depreciation expenseequipment Dividends declared Equipment 12.800 Interest expense 17,000 Note payable, long term Other assets, long-term 6,800 Prepaid expenses 10,600 Retained earnings 17,200 January 31, 2017 9.900 Salary expense Salary payable 1,100 Service revenue 2,000 Supplies 11,000 Supplies expense 43.500 Unearned service revenue Print Done 27,800 2,400 91,500 Liabilities 4,000 4.000 2,800 Print Done Choose from any list or enter any number in the input fields and then continue to the next question. The accounts of Mountain Lodge Services, Inc., at January 31, 2018, are listed in alphabetical o (Click the icon to view the accounts.) Less: Liabilities IN Stockholders' Equity Requirement 2. Calculate Mountain Lodge's net working capital, current ratio, and debt ratio at January 31, 2018, rounding to two decimal places. At January 31, 2017, net working capital was $24,600, the current ratio was 1.75, and the debt ratio was 0.20. Did Mountain Lodge's ability to pay both current and total debts improve or deteriorate during the fiscal year? Evaluate Mountain Lodge's debt position as strong or weak and give your reason. Compute Mountain Lodge's net working capital at January 31, 2018. Net working capital Compute Mountain Lodge's current ratio at January 31, 2018. (Round your calculation to two decimal places.) Current ratio Now calculate Mountain Lodge's debt ratio at January 31, 2018. (Round your calculation to two decimal places.) Debt ratio Mountain Lodge's overall ability to pay current liabilities with current assets has during 2018. Mountain Lodge's overall debt position has because the debt ratio has Overall, Mountain Lodge's debt position is because its debt ratio

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Cataldo Cpa II, Cma Cgma A J

2nd Edition

1634929241, 978-1634929240

More Books

Students explore these related Accounting questions

Question

Differentiate sin(5x+2)

Answered: 3 weeks ago

Question

Compute the derivative f(x)=1/ax+bx

Answered: 3 weeks ago

Question

What is job enlargement ?

Answered: 3 weeks ago