Week One Exercises. Complete the following activities and submit your answers to your instructor in a Word document formatted to proper APA specifications. Include any relevant supporting calculations. E3-18 (Page 152) Determine the following 2011 balance sheet items using the information provided in the problem. 1. Current Assets 2. Shareholders’ Equity 3. Noncurrent Assets 4. Long-term liabilities E3-20 (Page 152) Indicate (by letter) whether the actions listed in the table will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown in the table. Assume each ratio is less than 1.0 before the action is taken. Judgment Case 3-5 (Page 161) Review the balance sheet provided for Marcus Clothing Corporation and the additional information provided on page 162. Identify and explain the deficiencies in the statement prepared by the company’s accountant. Include in your answer items that require additional disclosure, either on the face of the statement or in a note.
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