Current Ratio Gungor Inc. reported the following current accounts at the end of two recent years: December 31, 2017 December 31, 2016 $3,000 $6,000 15,000 10,000 12,000 12,000 2,000 6,000 Cash Accounts receivable Inventory Accounts payable Wages payable Notes payable Required: 1. The current ratio for December 31, 2017 and for December 31, 2016, respectively are: 2. Gungor's liquidity has the 8,000 7,000 1,000 4,000 at the end of 2017 compared to the end of 2016 due to D in current liabilities, 3. The change in composition of the company's current assets at the end of 2017 compared to the end of 2016 reflects) accounts receivable and inventory. increasing by cash and

On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts                                                Debit                  CreditCash                                                     $ 21,900Accounts Receivable                               36,500Allowance for Uncollectible Accounts                              $ 3,100Inventory                                                30,000Land                                                       61,600Accounts Payable                                                              32,400Notes Payable (8%, due in 3 years)                                   30,000Common Stock                                                                 56,000Retained Earnings                                                             28,500Totals                                                  $150,000             $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…

On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts                                                 Debit                    CreditCash                                                       $ 25,100Accounts Receivable                                 46,200Allowance for Uncollectible Accounts                                 $ 4,200Inventory                                                   20,000Land                                                          46,000Equipment                                                15,000Accumulated Depreciation                                                   1,500Accounts Payable                                                                28,500Notes Payable (6%, due April 1, 2022)                                50,000Common Stock                                                                    35,000Retained Earnings…

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Sales Cost of goods sold Accounts receivable Numerator: 2021 $ 511,648 253,158 24,815 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. 2020 $ 332,239 164,397 19,403 1 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? Numerator: Trend Percent for Net Sales: 2019 $ 272,327 136,740 18,573 1 1 1 1 Denominator: Trend Percent for Cost of Goods Sold: 1 Denominator: 1 1 1 / 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Cost of Goods Sold favorable or unfavorable? Trend Percent for Accounts Receivable: Denominator: 1 1 2021: 1 2020: 1 2019: 1 2018: 1 2017: 1 Is the trend percent for Accounts Receivable favorable or unfavorable? 2018 $ 200,979 99,730 11,757 = = = = = = = = = = = = = = = 2017 $ 146,700 71,883 10,064 = Trend percent Trend percent Trend percent % % % % % %…

Calculate the allowance ratio for the year ending 30 June 2020. Assume the number of days in the year is 365. Round the percentage change to one decimal place