Welcome to MyLab Accounting!
To begin, read the following problem statement and then click the icons to see a typical set of popup data in MyLab Accounting. Notice that you can move the popups and minimize them in order to continue viewing your work space.
HawkHawk
Sporting Goods Company reported the following at March 31, 2014, with amounts in thousands:
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(Click the icon to view the balance sheet.) Read the requirements.
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Underneath the problem you will see buttons to 'check' or 'clear' your answers. (These will not appear when there are no inputs in the step, instead you'll see the 'Continue' button to click on to move to the next portion of the exercise.) Use these carefully because 'clear" will delete all inputs in the question that haven't yet been graded. Check your answers only after entering all required inputs for that step.
Buttons with the question number and the number of problems in the homework appear at the top of the screen. Use these buttons to move to other questions in the assignment. You will also see an Overview button that you can click at any time to see an Overview of how you're doing on the assignment. You can easily move back and forth between questions by clicking their name.
Begin to work through Requirement 1. Click the first fill-in-the-blank and notice the dropdown list. The correct formula for this step is Current assets/Current liabilities = Current
ratio.
To illustate how the table will be graded, select an incorrect answer (choose Total stockholders' equity) and select the 'Check Answer' button at the bottom of the screen to see how you did:
Data Table - X $ Retained earnings March 31, 2013 Accounts receivable $ 137,200 1,200 6.100 25,000 39,000 17,200 Net revenues Cost of goods sold 1,900 Cash 28,000 Property and equipment, net 174,000 Common stock 54,000 Inventories 31,000 Long-term liabilities 5,400 Dividends 24,200 Total current liabilities All other expenses Other current assets Other assets *** All amounts are in thousands. To begin, read the following problem statement and then click the icons to see a typical set of popup data in MyLab Accounting. Notice that you can move the popups and minimize them in order to continue viewing your work space Hawk Sporting Goods Company reported the following at March 31, 2014, with amounts in thousands click the icon to view the balance sheet) Read the requirements Underneath the problem you wil hun o'check order your answers (TheA wil net Appar when there are no inputs in the stan instead youll SAA The Continue on todick on to move to the nest portion of the ATACSA se these C uly becausedARI will delete Al inputs in the Guation that haven't yet been graded Check your answers only after entering all required inputs for that stop. Bulluns with the question number and the number of problems in the homework appeal the up of the ben. Use these bulluns lu move to other questions in the assignment. You will also see an Overview button thel you can click al any time to see an Overview of how you're cuing on the assignment. You can easily move back and forth between questions by clicking their name Begin to work through Requirement 1. Click the first fill-in-the-blank and notice the dropdown list. The correct formula for this step is Current assets. Current liabilities - Current ratio. To illustate how the table will be graded, select an incorrect answer (choose Total stockholders' equity) and select the 'Check Answer button at the bottom of the area to see how you did Requirement 1. Compute Hawk's current ratio (Round the current ratio lo lo decimal places Currenties = Current Ratio Current assets 73 600 5400D 1 36 Notice that you are given a feedback message that points you toward incorrect answers The teedback will not be spectic enough to answer the question for you, but to paint you to the first error that you have made in the problem stap You should enter all of the inputs for that particular step beton checking your answers Generally you wil get three attempts at each step before you wil be graded, although instructors can specify those settings. After your initial attempt if you have additional attempts viable continue to work to find the core answer clicking "Check Answer After each attempt until your atempts are chausted and Mylab Accounting completes the Quration and moves you to the next part of the question MyLab Accounting gives as much flexibility as possible in answer formatting to give credit for answers that are correct even using an alternate format Most answers can be entered in various forms, including commas, decimals, dollar signs, ctc Green instructions indicate that you need to be very careful to follow the instructions and enter your answer b y 88 requested. In this case it would be okay to the currentes en Current liabilities will dolor signs com decimals, ulc but the current tam be entered rounded to 2 decimal places per the green instructions. If you round to something other than 2 decimes using the correct answer the system will start the answer wrong Compute Hawk's current ratio. (Round the current ratio to two decimal places.) Current assets Current liabilities Current Ratio i Data Table Hawk Sporting Goods Company Balance Sheet March 31, 2014 Thousands ASSETS Current Cash Accounts receivable 1.200 Inventories Other current assets Total current assets 28,000 39,000 5,400 73,600 6,100 24,200 103,900 Property and equipment, net Other assets $ Total assets LIABILITIES Total current liabilities $ 54,000 17,200 Long-term liabilities 71.200 Total liabilities STOCKHOLDERS' EQUITY Common stock Retained earnings 25,000 7,700 32,700 103,900 Total stockholders' equity Total liabilities and stockholders' equity $ i Requirements 1. Compute Hawk's current ratio. (Round to two decimal places.) 2. Prepare the income statement for the year ended March 31, 2014. 3. Journalize the earning of service revenue: $55,000 on account and then an additional $44,000 in cash. Print a i Data Table unting. Notice that you can move the popups and minimize them in order to continue viewing your wo Hawk Sporting Goods Company Balance Sheet March 31, 2014 Thousands inputs in the step, instead you'll see the Continue' button to click on to move to the next portion of th ASSETS Current se buy 0 Requirements - X Cash S Accounts receivable this st Inventories Other current assets Total current assets Property and equipment, net 1,200 28,000 39,000 5,400 73,600 6,100 24,200 103,900 1. Compute Hawk's current ratio. (Round to two decimal places.) 2. Prepare the income statement for the year ended March 31, 2014 3. Journalize the earning of service revenue: $55,000 on account and then an additional $44,000 in cash. Other assets Print Done $ ceno gs eck Answer" after each attempt until your attempts are exhausted and MyLab Accounting completes $ 54,000 17,200 en using an alternate format. Most answers can be entered in various forms, including commas, deci es with dollar signs, commas, decimals, etc. but the current ratio must be entered rounded to 2 decin 71,200 Total assets LIABILITIES Total current liabilities Long-term liabilities Total liabilities STOCKHOLDERS' EQUITY Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 25,000 7,700 32,700 103,900 $ Print Print Done Done
