Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the current asset section of guardian consultants

The current asset section of Guardian Consultants balance sheet consists of cash, accounts receivable, and...

70.2K

Verified Solution

Question

Accounting

The current asset section of Guardian Consultants balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,400,000; prepaid expenses, $460,000; long-term assets, $3,400,000; and shareholders equity, $3,500,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.4. Required: Determine the following 2021 amounts and ratios

Current Liabilities?

Long-term Liabilities?

Accounts Receivable?

The acid-test ratio?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Why is bank lending to large corporations more difficult than making loans to small firms? What...

Finance
Q

Deer and Doe purchased $120,000 of equipment six years ago. The equipment is 7-year MACRS property....

Finance
Q

Suppose that a deck of 52 cards contains 26 red cards and 26 black cards. Say...

Basic Math
Q

est X TO conds Montco e launch jsp course as

Biology
Q

What type of feeding strategy is observed in most sponges Deposit feeding Filter feeding Herbivory...

Biology
Q

When light of frequency 2v and intensity Lilluminates a metal in a photoelectric experiment the...

Physics
Q

Salmone Company reported the following purchases and sales of its only product. Salmone uses a...

Accounting
Q

Coastals balance sheet for a recent year revealed the following information: Current assets $ 700,000...

Accounting
Q

following ratios and inventory levels are for the Sterling Company for each of the past...

Accounting
Q

Q6. ABC Corporation borrowed SAR 150,000 at 10% interest from NCB Bank on Jan. 1,...

Accounting
Q

Angelena files as a head of household. In 2018 , she reported $53,800 of taxable...

Accounting
Q

Andretti Company has a single product called a Dak. The company normally produces and sells...

Accounting