accounting

BUS 201 Case Study Project #2 Spring, 2018 Name Directions: The answers for both parts must be written legibly. If I cannot read your answer, I cannot give you any credit. Show all of your work, as you can get partial credit for wrong answers. This project is due in class on March 21. 1. (5points) for the Gray Wolf Corp. (parts b, c, d and e are on the next page). Below is the Income Statement and selected information from the Balance Sheet Income Statement 2018 $ 500,000 -350,000 Net sales Cost of Goods Sold Gross margin Operating expenses Net income 150,000 - 145,000 $5,000 Balance Sheet 2017 18,000 32,000 34,000 Cash Accounts receivable Inventory Supplies Plant, property & equipment Accounts payable Salaries Payable Long-term liabilities Stockholders' equity 2018 20,000 35,000 38,000 15,000 13,000 65,000 61,000 32,000 28,000 13,000 25,000 20,000 50,000 42,000 11,000 a. Calculate the current ratio as of 12/31/18