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)