Question
The December 31, 2018 balance sheet for Sprag, Inc. is presented below. Sprag, Inc. Balance Sheet December 31, 2018 Current assets $40,000 Net fixed assets
The December 31, 2018 balance sheet for Sprag, Inc. is presented below.
Sprag, Inc.
Balance Sheet
December 31, 2018
Current assets $40,000
Net fixed assets 20,000
Total $60,000
Accounts payable 11,000
Notes payable 12,000
Total $23,000
Long-term debt (10%) 12,000
Common equity 25,000
Total $60,000
Calculate Sprag's current ratio.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Contemporary Financial Management
Authors: James R Mcguigan, R Charles Moyer, William J Kretlow
10th Edition
978-0324289114, 0324289111
