Question
The current asset section of the Excalibur Tire Companys balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2016, balance
| The current asset section of the Excalibur Tire Companys balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2016, balance sheet revealed the following: |
| Inventories | $ | 840,000 | |
| Total assets | $ | 2,800,000 | |
| Current ratio | 2.25 | ||
| Acid-test ratio | 1.2 | ||
| Debt to equity ratio | 1.8 |
| Required: |
| Determine the following 2016 balance sheet items: |
| Current Assets Shareholders Equity non current Assests long term liabilitites |
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
9th edition
1-119-49356-3, 1119493633, 1119493560, 978-1119493631
