Question
The current asset section of the Excalibur Tire Companys balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2018, balance
The current asset section of the Excalibur Tire Companys balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2018, balance sheet revealed the following:
| Inventories | $ | 960,000 | |
| Total assets | $ | 3,200,000 | |
| Current ratio | 2.40 | ||
| Acid-test ratio | 1.20 | ||
| Debt to equity ratio | 1.5 | ||
Required: Determine the following 2018 balance sheet items
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Managerial Accounting
Authors: James Jiambalvo
4th edition
9780470546888, 9780470333341, 470546883, 470333340, 978-0470578797
