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The answers are wrong obviously The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance
The answers are wrong obviously
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,450,000; prepaid expenses, $510,000; long-term assets, $3,900,000; and shareholders' equity, $4,000,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.4. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) HINT: The first step is to use the debt/equity ratio to find Total Liabilities. Once you know Total Liabilities, use A=L+SE to find the other amountsStep by Step Solution
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