Question
A business's statement of financial position shows the following relationships: Current ratio = 3:1 Acid test ratio = 2.5:1 Current assets to non-current assets =
A business's statement of financial position shows the following relationships:
Current ratio = 3:1
Acid test ratio = 2.5:1
Current assets to non-current assets = 1:2
The total assets of the business are 27 million.
What is the value of the inventories as shown on the statement of financial position? If necessary, round to the first decimal point.
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Principles Of Financial Accounting
Authors: Jerry J. Weygandt, Lorena Mitrione, Michaela Rankin, Keryn Chalmers, Paul D. Kimmel
3rd Edition
0730302296, 978-0730302292
