Question: Exercise 3-18 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

Exercise 3-18 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 inventories. The December 31, 2018, balance sheet revealed the following Inventories Total assets $1,020,0ee $3,000,000 Current ratio 2.40 Acid-test ratio 1,20 Debt to equity ratio 1.5 Required: Determine the following 2018 balance sheet items: 1 Current assets 2 Shareholders' equity 3, ILong-term assets 4 Long-term liabilities

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