The following financial information is obtained regarding Stallion Company:

12/31/2012/31/19

Current Assets:

Cash210,00046,000

Accounts Receivable (net)160,00090.000

Merchandise Inventory120,000150,000

Prepaid Expenses7,0002,000

Supplies3,0004,000

Non-Current Assets:

Land100,000-0-

Plant Assets200,000200,000

Accumulated Depreciation(60,000)(40,000)

Total Assets740,000452,000

Current Liabilities:

Accounts Payable15,00033,000

Accrued Liabilities35,0009,000

Non-current Liabilities:

Notes Payable100,00020,000

Total Liabilities:150,00062,000

Common Stock ($1 Par Value)210,000140,000

Common Stock-APIC50,00010,000

Retained Earnings330,000240,000

Total Stockholders' Equity590,000390,000

Additional Data:

A) 2020 Net Income was $160,000

B) Land was acquired by taking out a Notes Payable for $90,000 and paying Cash for the balance.

C) All Common Stock was issued for Cash.

REQUIRED:

Prepare the Statement of Cash Flow for Stallion Company under the Indirect Method.

HINT: Don't be afraid to be an Accounting Detective and draw T-accounts on scrap paper. That will help you with Notes Payable as well as with Depreciation Expense and Dividends which are not given here but can be easily calculated if you are a good Accounting Detective!

Problem 2:

The following information is obtained from the financial records of Weekend Corporation for the year ended December 31, 2020:

Accounts Payable180,000

Accounts Receivable320,000

Allowance for Bad Debt20,000

Cash225,000

Common Stock ($5 Par Value)600,000

Common Stock-Additional Paid-in Capital150,000

Current Portion of Long-Term Debt30,000

Interest Payable12,000

Marketable Securities135,000

Merchandise Inventory230,000

Mortgage Payable125,000

Notes Payable30,000

Notes Payable (Due in 2024)50,000

Notes Receivable38,000

Notes Receivable (Due in 2023)40,000

Prepaid Insurance2,000

Prepaid Rent4,000Plant Assets800,000

Accumulated Depreciation-Plant Assets240,000

Salaries Payable13,000

Supplies 10,000

Taxes Payable12,000

Unearned Revenue8,000

2020 Net Income was 480,000.

REQUIRED: Calculate (1) The Current Ratio (2) The Quick Ratio and (#) Earnings Per Share

Please show all work neatly.