Exercise 3-19 (Algo) Calculating ratios; solve for unknowns [LO3-8] The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The balance sheet reported the following: cash, $1,390,000; prepaid expenses, $450,000; long-term assets, $3,300,000; and shareholders' equity, $3,400,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.5. Required: Determine the following amounts and ratios: Note: Round your "The acid-test ratio" answer to 1 decimal place. 1. Current liabilities 2. Long-term liabilities 3. Accounts receivable 4 The acid-test ratio 4

Exercise 3-19 (Algo) Calculating ratios; solve for unknowns [LO3-8] The current asset section of Guardian Consultant's balance sheet consists of cash, occounts recelvable, and prepaid expenses. The balance sheet reported the following: cash, $1,390,000; prepald expenses, $450,000. long-term assets, $3,300,000; and shareholders equity, $3,400,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.5 . Required: Determine the following amounts and ratios: Note: Round your "The ocid-test ratio" answer to 1 decimal place