Using Microsoft Excel perform the following:
Presented below is financial information related to Vi-Gro Corporation for the year 2002. Unless otherwise stated, all balances are ending balances.
Vi-Gro Corporation had 88,000 shares of common stock outstanding for the entire year. Its effective income tax rate for state and federal income taxes combined is 35 percent.
(a) Prepare a multiple-step income statement.
(b) Prepare a single-step income statement.
(c) Prepare a retained earnings statement.
(d) Prepare a classified balance sheet.
(e) Compute the following balance sheet relationships:
(1) current ratio.
(2) the amount of working capital.
(3) debt to total assets ratio.
What insights do these relationships provide to the reader of the financial statements?
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