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E3-18 (Page 152) The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2011, balance sheet revealed the following: Required: Determine the following 2011 balance sheet items: 1. Current assets 2. Shareholders’ equity 3. Noncurrent assets 4. Long-term liabilities Exercise 3-18 1. Acid-test ratio = Quick assets ÷ Current liabilities = 1.20 Quick assets = Current assets - Inventories Quick assets = Current assets - $840,000 Current assets ÷ Current liabilities = 2.25 Current assets - $840,000 ÷ Current liabilities = 1.20 $840,000 ÷ Current liabilities = 1.05 Current liabilities = $800,000 Current assets ÷ $800,000 = 2.25 Current assets = $1,800,000 2. Debt to equity ratio = Total liabilities ÷ Shareholders’ equity = 1.8 Total liabilities + Shareholders' equity = Total assets Total liabilities + Shareholders' equity = $2,800,000 Let x equal shareholders' equity 1.8 x + x = $2,800,000 x = $1,000,000 = Shareholders' equity 3. Noncurrent assets = To...
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