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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 $890,000
Total assets $3,500,000
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: 1.1. Current Assets:1.2. Shareholders' equity:1.3. Long-Term assets:1.4. Long-Term liabilities:
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