A skeleton of Heirloom Mills' balance sheet appears as follows (amounts in thousands): Use the following ratio
Question:
A skeleton of Heirloom Mills' balance sheet appears as follows (amounts in thousands):
Use the following ratio darn to complete Heirloom Mills' balance sheet:
a. Current ratio is 0.70.
b. Vcidtest ratio is 0.30.
Transcribed Image Text:
BALANCE SHEET Cash....... $ 50 Total current liabilities.... $2,100 Receivables (a) Long-term note Inventories.............. 750 payable.......... (e) Prepaid expenses...... (b) Other long-term liabilities...... 820 Total current assets (c) Plant assets, net......... (d) Stockholders' equity...... 2,400 Other assets... 2,150 Total liabilities and Total assets $6,800 equity...... $
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