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 | $ | 1,010,000 | |
| Total assets | $ | 3,600,000 | |
| Current ratio | 2.20 | ||
| Acid-test ratio | 1.20 | ||
| Debt to equity ratio | 1.5 | ||
Required: Determine the following 2021 balance sheet items: current assets
shareholders equity
long term assets
long term liabilites
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Using QuickBooks Online For Accounting 2021
Authors: Glenn Owen
4th Edition
0357442164, 9780357442166
