Suncor Energy Inc. reported the following current assets and current liabilities (in millions) at December 31, 2017:
Question:
Suncor Energy Inc. reported the following current assets and current liabilities (in millions) at December 31, 2017:
Accounts payable and accrued liabilities ................................ $6,203
Accounts receivable ..................................................................... 3,281
Cash and cash equivalents ......................................................... 2,672
Current portion of long-term debt .................................................. 71
Current portion of provisions ........................................................ 722
Income taxes payable ..................................................................... 425
Income taxes receivable ................................................................. 156
Inventories .................................................................................... 3,468
Short-term debt ............................................................................ 2,136
a. Prepare the current liabilities section of the balance sheet.
b. Calculate the current and acid-test ratios.
Step by Step Answer:
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak