Question
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,
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, $1,370,000; 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 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
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Get StartedRecommended Textbook for
Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
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