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

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Accounting

The current asset section of the Excalibur Tire Company’sbalance sheet consists of cash, marketable securities, accountsreceivable, and inventory. The December 31, 2021, balance sheetrevealed the following: Inventory $ 1,000,000 Total assets $4,000,000 Current ratio 2.20 Acid-test ratio 1.40 Debt to equityratio 1.5 Determine the following 2021 balance sheet items:

a. Current Assets?

b. Shareholder's Equity?

c. Long-term assets?

d. Long-term liabilities?

Answer & Explanation Solved by verified expert
4.1 Ratings (687 Votes)
Working Current asset ratio Current asset current liabilities 220 CACL CA 220 CL Equation 1 Now Acidtest ratio Current asset inventory current liabilities 140 CA    See Answer
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