ACC 305 Entire Class
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Description
E3-18 (Page 152)
The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2011, balance sheet revealed the following:
Required:
Determine the following 2011 balance sheet items:
-
Current assets
-
Shareholders' equity
-
Noncurrent assets
- Long-term liabilities
Exercise 3-18
1.Acid-test ratio Quick assets Current liabilities
Quick assets Current assets - Inventories
Quick assets Current assets - 840,000
Current assets Current liabilities
Current assets - 840,000 Current liabilities
840,000 Current liabilities
Current liabilities 800,000
Current assets 800,000
Current assets 1,800,000
2.Debt to...
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