Based on pages 776-785 in your textbook, calculate one ratio from each of the following groups (three ratios total) for 2015 for Smart Touch Learning:

• Ability to Pay Current Liabilities
• 
  
  • Current Ratio
  • Cash Ratio
• Ability to Pay Long-Term Debt
• 
  
  • Debt Ratio
  • Debt-to-Equity Ratio
• Profitability
• 
  
  • Profit Margin Ratio
  • Rate of Return on Total Assets

What do these results tell you? How will you use this information in planning and decision making?

Refer to these comparative financial statements to help you work through this discussion.

 

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Instructions: You will be recording the July 2017 transactions for Lenny’s Lawn Service, Inc. After recording the July transactions you will be preparing a Pre-Closing Trial Balance, Income Statement, Statement of Stockholders’ Equity, Balance Sheet, and Post-Closing Trial Balance.
You are given the following: ,=> July 2017 transactions and Additional Information — Trans tab 4. Chart of Accounts with Account Numbers and Account Names — Chart Accts tab 4. General Journal pages — Journal tab 4. General Ledger — GL Assets, GL Liab-Equity, GL Rev-Exp tabs 4. Forms for the July 31, 2017: Pre-Closing Trial Balance (Trial Bat tab), Income Statement and Calculation of Retained Earnings (IS & RE tab), Balance Sheet (BalSht tab), and Post-Closing Trial Balance (Post Close TB tab)
To Complete Your Workbook do the following: ,=> Print the July Transactions (click the Trans tab and then click the Printer Icon) Use YOUR Transaction sheets — do not use another student’s sheets

1. Print the Chart of Accounts (click the Chart Accts tab and then click the Printer Icon)
2. Record the July transactions in the General Journal. Click the Journal tab and record your entries directly into the General Journal. Look at the July 1 Notes Payable

 

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