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Determine the amounts and ratios

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The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,380,000; prepaid expenses, $440,000; long-term assets, $3,200,000; and shareholders' equity, $3,300,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.8.

Required:

Question 1: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.)

Reference no: EM132626011

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