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Exercise 3-18 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

Exercise 3-18 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 inventories. The December 31, 2018, balance sheet revealed the following: Inventories Total assets Current ratio Acid-test ratio Debt to equity ratio $1,200,000 $4,800,000 2.10 1.30 1.5 Required: Determine the following 2018 balance sheet items: Current assets 2. Shareholders' equity 3. Long-term assets 4. Long-term liabilities

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