The current asset section of the Excalibur Tire Companys balance sheet consists of cash, marketable...
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Accounting
The current asset section of the Excalibur Tire Companys balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2018, balance sheet revealed the following: Inventories $ 940,000 Total assets $ 3,200,000 Current ratio 2.20 Acid-test ratio 1.20 Debt to equity ratio 1.5 Required: Determine the following 2018 balance sheet items:
1.Current assets
2.Shareholders' equity
3.Long-term assets
4.Long-term liabilities
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