Question: PLEASE SHOW STEP BY STEP SOLUTION ESPECIALLY FOR QUESTION 2 AND 3 The current asset section of the Excalibur Tire Company's balance sheet consists of

PLEASE SHOW

STEP BY STEP

SOLUTION

ESPECIALLY FOR

QUESTION

2

AND

3

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: Invento ry Total assets Current ratio Acidtest ratio Debt to equity ratio Required: $ 840,000 2.25 1.2 1.8 Determine the following balance sheet items: 1. Current assets 2. Shareholders' equity 3. Long-term assets 4. Long-term liabilities PLEASE SHOW STEP BY STEP SOLUTION ESPECIALLY FOR QUESTION 2 AND 3

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