Reference no: EM133070801
Question - Eagle Sporting goods Company Balance Sheet March 31, 2021 Assets Current Assets:
Cash 60,000
Account Receivable 28,500
Inventories 38,000
Other Current Assets 5,200
Total Current Assets 70,300
Property Equipment, net 60,000
Total Asset 100,400
Liabilities
Total Current Liabilities 52,300
Long-term Liabilities 10,500
Stockholder Equities
Common Stock 24,000
Retain Earning 13,600
Total Stock Equity 37,600
Total Liability & Stockholder Equity 100,400
Required -
1. Compute Eagle Current Ratio.
2. Prepare the Income Statement for the year ended.
3. Journalize the earning of service revenue: 57,000 on account and 37,000 in cash.
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