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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 balance sheet revealed the following: Inventory Total assets Current ratio Acid-test ratio Debt to equity ratio. $ 860,000 $ 3,200,000 1. Current assets 2. Shareholders' equity 3. Long-term assets 4. Long-term liabilities 2.40 1.40 1.5 Required: Determine the following 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 balance sheet revealed the following: Inventory Total assets Current ratio Acid-test ratio Debt to equity ratio. $ 860,000 $ 3,200,000 1. Current assets 2. Shareholders' equity 3. Long-term assets 4. Long-term liabilities 2.40 1.40 1.5 Required: Determine the following 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 balance sheet revealed the following: Inventory Total assets Current ratio Acid-test ratio Debt to equity ratio $ 860,000 $ 3,200,000 1. Current assets 2. Shareholders' equity 3. Long-term assets 4. Long-term liabilities 2.40 1.40 1.5 Required: Determine the following balance sheet items:
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 balance sheet revealed the following: Inventory Total assets Current ratio Acid-test ratio Debt to equity ratio $ 860,000 $ 3,200,000 1. Current assets 2. Shareholders' equity 3. Long-term assets 4. Long-term liabilities 2.40 1.40 1.5 Required: Determine the following balance sheet items:
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