Question

The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2011 balance sheet reported the following: cash, $1,300,000; prepaid expenses, $360,000; noncurrent assets, $2,400,000; and shareholders' equity, $2,500,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.4.

Required:
Determine the following 2011 amounts and ratios:
1. Current liabilities.
2. Long-term liabilities.
3. Accounts receivable.
4. The acid-test ratio.



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  • CreatedJune 24, 2013
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