The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts

Question:

The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2018, 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 2018 balance sheet items:

1. Current assets

2. Shareholders' equity

3. Long-term assets

4. Long-term liabilities

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...