Determine the amount of total assets, current assets noncurrent assets
Determine the amount of total assets, current assets, and noncurrent assets at the end of the period, given the following data:
Current liability, ending balance $50,000
Current ratio, ending 1:6:1
Owners’ equity, beginning balance $120,000
Inventory, beginning balance $ 35,000
Purchases during the period $40,000
Inventory, ending balance $30,000
Gross margin percentage 45%
Profit margin 10%
Long term debt, ending balance $40,000