[QueenTina]

The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2006, balance sheet revealed the following:
Inventories $ 840,000
Total assets $ 2,800,000
Current ratio 2.25 (total current assets/total current liabilities)
Acid-test ratio 1.2 (cash + short-term investments + net current receivables
Debt to equity ratio 1.8 (total liabilities/total assets)

Required:
Determine the following 2006 balance sheet items:
1. Current assets (cash, accts receivable)
2. Shareholders’ equity
3. Noncurrent assets (marketable securities)
4. Long-term liabilities

[s2penc]

He current asset section of the Excalibur Tire Companys balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2006, balance sheet revealed the following:
Inventories $ 840,000
Total assets $ 2,800,000
Current ratio 2.25 (total current assets/total current liabilities)
Acid-test ratio 1.2 (cash + short-term investments + net current receivables
Debt to equity ratio 1.8 (total liabilities/total assets)

Required:
Determine the following 2006 balance sheet items:
1. Current assets (cash, accts receivable)
2. Shareholders equity
3. Noncurrent assets (marketable securities)
4. Long-term liabilities

[s2penc]

Current assets 1,960,000
Shareholders equity 1,555,555.56