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Accounting

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Problem 9-26A (Algo) Using ratios to make comparisons LO 9-7
The following accounting information exists for the Aspen and Willow companies:
Aspen Willow
Cash $ 16,000 $ 26,000
Wages payable 18,50025,500
Merchandise inventory 23,71055,400
Building 60,00090,000
Accounts receivable 32,65036,500
Long-term notes payable 80,000130,000
Land 45,00050,000
Accounts payable 40,00043,000
Sales revenue 220,000290,000
Expenses 195,000245,000
Required
a-1. Determine the amount of current assets and current liabilities for each company.
a-2. Compute the current ratio for each company.
b. Assuming that all assets and liabilities are listed above, compute the debt-to-assets ratios for each company.

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