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The current asset section of Guardian Consultants balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash,
The current asset section of Guardian Consultants balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,370,000; prepaid expenses, $430,000; long-term assets, $3,100,000; and shareholders equity, $3,200,000. The current ratio at the end of the year was 3.0 and the debt to equity ratio was 1.6. Required: Determine the following 2021 amounts and ratios:
1) Current Liabilities
2) Long-term Liabilities
3) Accounts Receivables
4) The Acid Test Ratio
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