Use financial statements within the provided Excel file to provide the answer for the following financial ratios: 1. Quick Ratio 2. Current Ratio 3. Current Liabilities to Net Worth Ratio 4. Debt to Equity 5. Collection Period 6. Assets to Revenue Ratio 7. Accounts Payable to Revenues Ratio Summary of T-Accounts Showing Transactions for a period Assets Increases (D) Drecreases (C) Liabilities Decreases (D) Increases (C) Shareholder's Equity Decreases (D) Increases (C) 100,000.00 $ 60,000.00 3 Purchase Equipment with Cash Purchase Material on Credit Pay Cash to Supplier Pay Insurane Premium in Advance Receive Cash from Customer in Advance $ 100,000.00 $ $ 60,000.00 $ $ 600.00 $ $ 3,000.00 $ 8,000.00 8,000.00 600.00 5 $ 3,000.00 $ 55,000.00 $ 55,000.00 3 Basic Questions to Ask 1. Which Accoutns are affected by the transaction? 2. Should those accoutns be increased or decreased? 3. How is the transaction recorded using debits or credits? 1 Purchase Equipment Cash Account (Asset) Increases (D) Decreases (C) $ 100,000.00 Balance Equipment (Asset) Increases (D) Decreases (C) $ 100,000.00 Balance Sheet Current Year Last Year Assets 200,492.00 402,854.00 25,365.00 144,254.00 308,253.00 21,885.00 CURRENT ASSETS Cash Accounts Receivable-Trade Accounts Receivable-Retention Inventory Costs and Profits in Excess of Billings Notes Receivable Prepaid Expenses Other Current Assets Total Current Assets 15,234.00 32,586.00 12,548.00 5,621.00 11.254.00 690,720.00 4,825.00 7,225.00 501,676.00 FIXED AND OTHER ASSETS Land Buildings Construction Equipment Trucks and Autos Office Equipment Total Fixed Assets Less Acc. Depreciation Net Fixed Assets Other Asseets Total Assets 72,000.00 103,862.00 95,284.00 51,245.00 56,896.00 379,287.00 224,512.00 154,775.00 178,544.00 1,024,039.00 72,000.00 103,862.00 95,284.00 31,556.00 42,546.00 345,248.00 182,990.00 162,258.00 171,256.00 835,190.00 Liabilities CURRENT LIABILITIES Accounts Payable-Trade Accounts Payable-Retention Billings in Excess of Costs and Profits Notes Payable Accrued Payable Accrued Taxes Accrued Vacation Capital Lease Payable Warranty Reserves Other Current Liabilities Total Current Liabilities Long-Term Liabilities Total Liabilities 325,458.00 22,546.00 5,218.00 15,514.00 15,648.00 10.521.00 3,564.00 228,585.00 18.254.00 11,562.00 45,250.00 16,658.00 8.254.00 3,002.00 25,438.00 423,907.00 153,215.00 577,122.00 35,648.00 367,213.00 99,073.00 466,286.00 Owner's Equity 10,000.00 436,917.00 10,000.00 358,904.00 Capital Stock Retained Earnings Current Period Net Income Total Equity Total Liabilities and Equity 446,917.00 1,024,039.00 368,904.00 835,190.00