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Determine the current assets and long-term assets

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Reference no: EM132630835

Question - 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 $1,000,000

Total assets $4,000,000

Current ratio 2.20

Acid-test ratio 1.40

Debt to equity ratio 1.5

Required - Determine the following 2021 balance sheet items:

1. Current assets

2. Shareholders' equity

3. Long-term assets

4. Long-term liabilities

Reference no: EM132630835

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