Question
The current asset section of the Excalibur Tire Companys balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The December 31, 2021, balance
The current asset section of the Excalibur Tire Companys balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The December 31, 2021, balance sheet revealed the following:
| Inventory | $ | 1,000,000 | |
| Total assets | $ | 4,000,000 | |
| Current ratio | 2.20 | ||
| Acid-test ratio | 1.40 | ||
| Debt to equity ratio | 1.5 | ||
Required: Determine the following 2021 balance sheet items:
1. Current assets - 2. Shareholders' equity 3. Long-term assets 4. Long-term liabilities
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Auditing Explained A Practical Guide For Managers
Authors: John Dunn
1st Edition
0749405619, 978-0749405618
