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:
Inventories 840,000
Total Assets 2,800,000
Current ratio 2.25
Acid -test ratio 1.2
Debt to equity 1.8
Required:
Determine the following 2011 balance sheet items:
1. Current assets
2. Shareholder's equity
3. Noncurrent assets
4. Long-term liabilities