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Year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Supplies Prepaid insurance Buildings, net Total assets Liabilities and Equity Current Year
Year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Supplies Prepaid insurance Buildings, net Total assets Liabilities and Equity Current Year 1 Year Ago 2 Years Ago $ 35,625 62,500 82,500 $ 37,800 50,200 54,000 9,375 5,000 255,000 230,500 377,500 $ 31,800 89,500 112,500 10,700 278,500 $ 523,000 $ 445,000 Accounts payable Long-term notes payable $ 129,900 98,500 $ 75,250 101,500 Common stock 163,500 163,500 Retained earnings 131,100 104,750 $ 51,250 83,500 163,500 79,250 Total liabilities and equity $ 523,000 $ 445,000 $ 377,500 Enter answers in the tabs below. Requirement Requirement Requirement Requirement 1A 1B 2A 2B Compute the acid-test ratio for each of the three years. Current Year 1 Yr Ago 2 Yrs Ago + + + + Acid-Test Ratio Choose Numerator: Choose Denominator: + 1 = Acid-test ral + 1 = II to + = to + = to
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