The accounts of Wing Telecom Fundamentals at March 31, 2017, are listed in alphabetical order here:
Required
1. All adjustments have been journalized and posted, but the closing entries have not yet been made . Prepare the company’s classified in report format at March 31, 2017. Use captions for total assets, total liabilities, and total liabilities and owner’s equity.
2. Compute Wing Telecom Fundamentals’ current ratio and debt ratio at March 31, 2017. At March 31, 2016, the current ratio was 1.28 and the debt ratio was 0.32. Did Wing Telecom Fundamentals’ ability to pay both current and total debts improve or deteriorate during fiscal 2017?
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