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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:
Inventories $ 840,000Total assets $2,800,000Current ratio 2.25Acid-test ratio 1.2Debt to equity ratio 1.8
Determine the following 2011 balance sheet items:
1. Current assets - $1,800,000
2. Shareholders' equity
3. Noncurrent assets
4. Long-term liabilities
Describe how deferred tax assets relating to accruals arise and explain how deferred tax assets relating to loss carryforwards arise
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