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

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

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