Sports International had total debt of $500,000 and $750,000 as at December 31, 2020, and December 31,

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Sports International had total debt of $500,000 and $750,000 as at December 31, 2020, and December 31, 2019, respectively, of which $100,000 and $150,000 was current. In addition, the company had total assets of $900,000 and $700,000 as at December 31, 2020, and December 31, 2019, respectively, of which $120,000 and $140,000 was current. Evaluate the company's debt-paying ability in 2020 and 2019. Round debt to total assets ratio to nearest full percentage point and the current ratio to two decimal points.

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Intermediate Accounting Volume 2

ISBN: 9781119497042

12th Canadian Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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