Cass Corp.'s December 31, 2011, balance sheet reported current assets of $120,000 and current liabilities of $100,000.

Question:

Cass Corp.'s December 31, 2011, reported current assets of $120,000 and current liabilities of $100,000. The current ratio increased by 25% one year later, on December 31, 2012. Current liabilities on this date were $140,000. Determine current assets on December 31, 2012.
Balance Sheet
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...