The most recent data from the annual balance sheets of Free Spirit Industries Corporation and LeBron Sports Equipment Corporation are as follows: Assets Current assets Cash Accounts receivable Inventories Total current assets Net fixed assets LeBron Sports Equipment Corporation Total assets $861 315 924 $2,100 Net plant and 1,650 equipment $3,750 Balance Sheet December 31" (Millions of dollars) Free Spirit Free Spirit Industries Corporation's quick ratio is ratio is and its current ratio is Industries Corporation $553 203 594 $1,350 1,650 $3,000 Liabilities Current llabilities Accounts payable Accruals Notes payable Total current llabilities Long-term bonds Total debt Common equity Common stock Retained earnings LeBron Sports and its current ratio is Equipment Corporation $0 190 1,075 $1,265 1,547 $2,812 $610 328 Total common $938 equity Total llabilities and equity $3,750 Free Spirit Industries Corporation $0 0 1,012 $1,012 1,238 $2,250 $488 262 $750 $3,000 ; LeBron Sports Equipment Corporation's quick

The most recent data from the annual balance sheets of Free Spirit Industries Corporation and LeBron Sports Equipment Corporation are as follows: Assets Current assets Cash Accounts receivable Inventories Total current assets Net fixed assets LeBron Sports Equipment Corporation Total assets $861 315 924 $2,100 Net plant and 1,650 equipment $3,750 Balance Sheet December 31" (Millions of dollars) Free Spirit Free Spirit Industries Corporation's quick ratio is ratio is and its current ratio is Industries Corporation $553 203 594 $1,350 1,650 $3,000 Liabilities Current llabilities Accounts payable Accruals Notes payable Total current llabilities Long-term bonds Total debt Common equity Common stock Retained earnings LeBron Sports and its current ratio is Equipment Corporation $0 190 1,075 $1,265 1,547 $2,812 $610 328 Total common $938 equity Total llabilities and equity $3,750 Free Spirit Industries Corporation $0 0 1,012 $1,012 1,238 $2,250 $488 262 $750 $3,000 ; LeBron Sports Equipment Corporation's quick

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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