The current asset section of the ExcaliburTire Company\'s balance sheet consists
ID: 2447120 • Letter: T
Question
The current asset section of the ExcaliburTire Company's balance sheet consists of cash, marketablesecurities, accounts receivable, and inventories. The December 31,2006, balance sheet revealed the folowing: Inventories $840,000 Totalassets 2,800,000 Currentratio 2.25 Acid-testratio 1.2 Debt to equityratio 1.8 Requirements: Determine the following 2006 balance sheet items: 1. Current assets 2. Shareholder's equity 3. Noncurrent assets 4. Long-term liabilities The current asset section of the ExcaliburTire Company's balance sheet consists of cash, marketablesecurities, accounts receivable, and inventories. The December 31,2006, balance sheet revealed the folowing: Inventories $840,000 Totalassets 2,800,000 Currentratio 2.25 Acid-testratio 1.2 Debt to equityratio 1.8 Requirements: Determine the following 2006 balance sheet items: 1. Current assets 2. Shareholder's equity 3. Noncurrent assets 4. Long-term liabilitiesExplanation / Answer
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