Refer to exercise E3-31. Information from E3-31 The un
Question and Solution
Refer to exercise E3-31. Information from E3-31 The unadjusted trial balance and the income statement amounts from the
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Refer to exercise E3-31. Information from E3-31 The unadjusted trial balance and the income statement amounts from the December 31, 2017, adjusted trial balance of Yosaf Portraits Ltd. are given below. Requirements 1. After solving E3-30, use the data in that exercise to prepare Yosaf Portraits Ltd.'s classified balance sheet at December 31, 2017. Use the report format. First you must compute the adjusted balance for several balance sheet accounts. 2. Compute Yosaf Portraits Ltd.'s current ratio and debt ratio at December 31, 2017. A year ago, the current ratio was 1.55 and the debt ratio was 0.45. Indicate whether the company's ability to pay its debts-both current and total-improved or deteriorated during the current year.
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