Question: Exercise 3-18 (Algo) Calculating ratios; solve for unknowns [LO3-8] The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable

Exercise 3-18 (Algo) Calculating ratios; solve for unknowns [LO3-8] The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The balance sheet revealed the following Inventory $ 1,200,000 Total assets $ 4,800,000 Current ratio 2.10 Acid-test ratio 1.30 Debt to equity ratio 1.5 Required: Determine the following balance sheet items 1. Current assets. 2. Shareholders' equity S 1,920,000 3 Long-term assets 4. Long term liabilities 13

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