Question
Spartan Sportswear's current assets consist of cash, marketable securities, accounts receivable, and inventories. The following data were abstracted from a recent financial statement: Inventories $180,000
Spartan Sportswear's current assets consist of cash, marketable securities, accounts receivable, and inventories. The following data were abstracted from a recent financial statement:
| Inventories | $180,000 |
| Total assets | $720,000 |
| Current ratio | 2.75 |
| Acid-test ratio | 1.5 |
| Debt to equity ratio | 1.4 |
Required:
Compute the following for Spartan:
Long-term liabilities
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Accounting Chapters 14-26
Authors: Carl Warren
27th Edition
1337272116, 978-1337272117
