Welcome to MyLab Accounting! When you are working through questions in MyLab Accounting, remember the following tips: 1. The problem statement will be above the gray line. Some of the data necessary to complete the problem, such as data/transaction tables, etc. may be contained in popups within the problem statement to save space. 2. The area above the gray line will always remain visible while you work on your question. 3. The area below the gray line is where you enter your answer(s). This exercise is not meant to assess your accounting knowledge and you are not being scored. The purpose of this exercise is to learn to navigate through MyLab Accounting. It is not important that you know the correct answers or answer the questions correctly. Work through this exercise to ensure a successful experience when the assignments do count! 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. Crow 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 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: Crow Sporting Goods Company Balance Sheet March 31, 2014 Thousands ASSETS Current: Cash 700 28,000 36,000 5,100 69,800 Accounts receivable Inventories Other current assets Total current assets Property and equipment, net Other assets Total assets LIABILITIES Total current liabilities Long-term liabilities Total liabilities 6,500 28,000 $ 104,300 $ 55,100 14,000 69,100 23,500 11,700 STOCKHOLDERS' EQUITY Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 35,200 $ 104,300
