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Determine the balance sheet items

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The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The December 31, 2021, balance sheet revealed the following:

Inventory $ 860,000

Total assets $ 3,200,000

Current ratio 2.40

Acid-test ratio 1.40

Debt to equity ratio 1.5

Required:

Problem 1: Determine the following 2021 balance sheet items:

Answer is complete but not entirely correct.

1. Current assets$2,064,000 selected answer correct

2. Shareholders' equity$1,204,000 selected answer incorrect

3. Long-term assets$1,136,000 selected answer correct

4 .Long-term liabilities$1,204,000 selected answer incorrect

Reference no: EM132626030

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