Exercise 3-18 (Algo) Calculating ratios; solve for unknowns [LO3-8] The current asset section of the Excalibur...

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Exercise 3-18 (Algo) Calculating ratios; solve for unknowns [LO3-8] The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The balance sheet revealed the following: Inventory Total assets Current ratio Acid-test ratio Debt to equity ratio $ 1,200,000 5 4,800,000 2.10 1.30 1.5 Required:1 Determine the following balance sheet items 1. Current assets 2 Shareholders' equity 3 Long-term assets 4. Long-term liabilities Exercise 3-18 (Algo) Calculating ratios; solve for unknowns [LO3-8] The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The balance sheet revealed the following: Inventory Total assets Current ratio Acid-test ratio Debt to equity ratio $ 1,200,000 5 4,800,000 2.10 1.30 1.5 Required:1 Determine the following balance sheet items 1. Current assets 2 Shareholders' equity 3 Long-term assets 4. Long-term liabilities