calculate quick ratio, show work All Is Not Paradise in Eden's Garden: Part 1 Joe and Kaitlin

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All Is Not Paradise in Eden's Garden: Part 1 Joe and Kaitlin Eden, co-owners of Eden's Garden, a small nursery lawn, and garden supply business, have just received their year-end financial statements from their accountant. At their last meeting Balance Sheet, Eden's Garden Assets Current Assets Cash Accounts Receivable Less Allowance for Doubtful Accounts Inventory Supplies Prepaid Expenses Total Current Assets Fixed Assets Land Buildings Less Accumulated Depreciation Autos Less Accumulated Depreciation Equipment Less Accumulated Depreciation Furniture and fixtures Less Accumulated Depreciation Total Fixed Assets. Intangibles (Goodwill) Total Assets Liabilities Current Liabilities Accounts Payable Notes Payable Credit Line Payable Accrued Wages/Salaries Payable. Accrued Interest Payable Accrued Taxes Payable Total Current Liabilities Long-Term Liabilities Mortgage Note Payable Total Long-term Liabilities $29.152 $3,200 $51.027 $2.061 $24.671 $12.300 $22.375 $1.250 $10.295 $1.000 Owner's Equity Sam Lloyd. Capital Total Liabilities and Owner's Equity $6,457 $25.952 $88.157 $7.514 $1,856 $129.936 $59.150 $48,966 $12.371 $21.125 $9.295 $150,907 $0 $280.843 $54,258 $20.150 $8.118 $1.344 $1.785 $1.967 $87.622 $72.846 $47,000 $119.846 $73,375 $280.843 Income Statement, Eden's Garden Net Sales Revenue* Cost of Goods Sold Beginning Inventory. 1/1/xx + Purchases Goods available for Sale - Ending Inventory, 12.31/xx Cost of Goods Sold Gross Profit Operating Expenses Advertising Insurance Depreciation Building Autos Equipment Salaries Uniforms Repairs and Maintenance Travel Entertainment Total Operating Expenses General Expenses Utilities Telephone Professional Fees Postage Payroll Taxes Total General Expenses Other Expenses Interest Expense Bad check Expense Miscellaneous expense Total Other Expenses $78,271 $403,569 $481,840 586.157 $22,150 $9.187 $26,705 $7.895 $11,200 $116,541 $4,018 $9,097 $2.658 $2.798 $7.987 $2.753 $3.000 $1,892 $11.589 $21.978 $679 $1,248 Total Expenses Net Income Credit sales represented $289,484 of this total. $689,247 $395.683 $293.564 $212,249 $27,221 $23,905 $263.375+ $30.189 with their accountant, Shelley Edison, three months ago, the Edens had mentioned that they seemed to be having trouble paying their bils on time. "Some of our suppliers have threatened to put us on credit-hold said joe i think you need to sit down with me very soon and let me show you how to analyze your financial statements so you can see what's happening in your business, Edison told them at that meeting. Unfortunately, that was the beginning of Eden's Garden's busy season, and the Edens were so busy running the All Is Not Paradise in Eden's Garden: Part 1 Joe and Kaitlin Eden, co-owners of Eden's Garden, a small nursery lawn, and garden supply business, have just received their year-end financial statements from their accountant. At their last meeting Balance Sheet, Eden's Garden Assets Current Assets Cash Accounts Receivable Less Allowance for Doubtful Accounts Inventory Supplies Prepaid Expenses Total Current Assets Fixed Assets Land Buildings Less Accumulated Depreciation Autos Less Accumulated Depreciation Equipment Less Accumulated Depreciation Furniture and fixtures Less Accumulated Depreciation Total Fixed Assets. Intangibles (Goodwill) Total Assets Liabilities Current Liabilities Accounts Payable Notes Payable Credit Line Payable Accrued Wages/Salaries Payable. Accrued Interest Payable Accrued Taxes Payable Total Current Liabilities Long-Term Liabilities Mortgage Note Payable Total Long-term Liabilities $29.152 $3,200 $51.027 $2.061 $24.671 $12.300 $22.375 $1.250 $10.295 $1.000 Owner's Equity Sam Lloyd. Capital Total Liabilities and Owner's Equity $6,457 $25.952 $88.157 $7.514 $1,856 $129.936 $59.150 $48,966 $12.371 $21.125 $9.295 $150,907 $0 $280.843 $54,258 $20.150 $8.118 $1.344 $1.785 $1.967 $87.622 $72.846 $47,000 $119.846 $73,375 $280.843 Income Statement, Eden's Garden Net Sales Revenue* Cost of Goods Sold Beginning Inventory. 1/1/xx + Purchases Goods available for Sale - Ending Inventory, 12.31/xx Cost of Goods Sold Gross Profit Operating Expenses Advertising Insurance Depreciation Building Autos Equipment Salaries Uniforms Repairs and Maintenance Travel Entertainment Total Operating Expenses General Expenses Utilities Telephone Professional Fees Postage Payroll Taxes Total General Expenses Other Expenses Interest Expense Bad check Expense Miscellaneous expense Total Other Expenses $78,271 $403,569 $481,840 586.157 $22,150 $9.187 $26,705 $7.895 $11,200 $116,541 $4,018 $9,097 $2.658 $2.798 $7.987 $2.753 $3.000 $1,892 $11.589 $21.978 $679 $1,248 Total Expenses Net Income Credit sales represented $289,484 of this total. $689,247 $395.683 $293.564 $212,249 $27,221 $23,905 $263.375+ $30.189 with their accountant, Shelley Edison, three months ago, the Edens had mentioned that they seemed to be having trouble paying their bils on time. "Some of our suppliers have threatened to put us on credit-hold said joe i think you need to sit down with me very soon and let me show you how to analyze your financial statements so you can see what's happening in your business, Edison told them at that meeting. Unfortunately, that was the beginning of Eden's Garden's busy season, and the Edens were so busy running the

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