Bealls Department Store reported a current ratio of 1.5. A review of their balance sheet revealed the

Question:

Beall’s Department Store reported a current ratio of 1.5. A review of their balance sheet revealed the following information:

Current assets .... $750,000

Noncurrent assets ... 450,000

Noncurrent liabilities ... 300,000

Determine the amount of current liabilities reported in the balance sheet.

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...