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The current asset section of the Excalibar Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31,2016, balance sheet
The current asset section of the Excalibar Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31,2016, balance sheet revealed the following:
Inventories $900,000
Total assets $2,400,000
Current ratio 2.60
Acid-test ratio 1.10
Debt to equity ratio 1.4
Determine the following:
Current assets
Shareholders' equity
Noncurrent assets
Long-term liabilities
Please show each step.
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