The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts
Question:
The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2011, balance sheet revealed the following:
Inventories……………………………………….$840,000
Total assets………………………………………$2,800,000
Current ratio……………………………………….2.25
Acid-test ratio……………………………………..1.2
Debt to equity ratio………………………………..1.8
Required:
Determine the following 2011 balance sheet items:
1. Current assets
2. Shareholders' equity
3. Noncurrent assets
4. Long-term liabilities
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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