A summary of Pasmore Ltd.s balance sheet appears as follows: Use the following ratio data to complete
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A summary of Pasmore Ltd.’s balance sheet appears as follows:
Use the following ratio data to complete Pasmore Ltd.’s balance sheet:
a. Current ratio is 0.70.
b. Acid-test ratio is 0.30.
Transcribed Image Text:
PASMORE LTD. Balance Sheet March 31, 2019 Assets Liabilities Current assets Cash $ 25 Total current liabilities $1,050 Accounts receivable (A) Inventories 375 Long-term note payable (E) Prepaid expenses (B) Other long-term liabilities 410 Total current assets (C) Property, plant, and equipment, net (D) Other assets 1,075 Shareholders' equity 1,200 Total assets $3,400 Total liabilities and equity $ (F)
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PASMORE LTD BALANCE SHEET MARCH 31 2019 ASSETS Liabilities Current assets Cash 25 Total Current Liabilities 1050 Accounts receivable net A 290 Long Term notes Payable 740 E Inventory 375 Other Long Term Liabilities 410 Prepaid Expenses B 45 Total Current Assets C 735 Shareholders Equity 1200 Property Plant Equipment D 1590 Other Assets 1075 Total Assets 3400 Total Liabilities and Equity 3400 F Current Ratio Current Assets Current Liabilities 70 Current Assets 1050 current assets 735 Acid Test ratio Quick assets Current Liabilities Quick assets Current Assets Inventory Prepaid Expenses 30 Quick Assets 1050 Quick Assets 315 Accounts Receivable 31525 Accounts Receivable 290 Long Term notes Payable Total Liab equity Current Liab ...View the full answer
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Related Book For
Horngrens Accounting
ISBN: 9780135359785
11th Canadian Edition Volume 2
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood
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