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The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The December 31, 2021, balance sheet revealed the following: $1,020,000 Inventory Total assets $3,000,000 2.40 Current ratio Acid-test ratio 1.20 Debt to equity ratio 1.5 Required: Determine the following 2021 balance sheet items:

The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The December 31, 2021, balance sheet revealed the following: $1,020,000 Inventory Total assets $3,000,000 2.40 Current ratio Acid-test ratio 1.20 Debt to equity ratio 1.5 Required: Determine the following 2021 balance sheet items:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The December 31, 2021, balance sheet revealed the following: $1,020,000 Inventory Total assets $3,000,000 Current ratio Acid-test ratio 2.40 1.20 Debt to equity ratio 1.5 Required: Determine the following 2021 balance sheet items: 1. Current assets 2. Shareholders' equity 3. Long-term assets 4. Long-term liabilities
Transcribed Image Text:The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The December 31, 2021, balance sheet revealed the following: $1,020,000 Inventory Total assets $3,000,000 Current ratio Acid-test ratio 2.40 1.20 Debt to equity ratio 1.5 Required: Determine the following 2021 balance sheet items: 1. Current assets 2. Shareholders' equity 3. Long-term assets 4. Long-term liabilities
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