Description
2. The current asset section of Seifert & Seifert, CPA’s balance sheet consists of cash,
accounts receivable, investments, and prepaid expenses. The 2011 balance sheet
reported the following: cash, $110,000; investments, $22,000; prepaid expenses,
$18,000; noncurrent assets, $422,000; and shareholders’ equity, $350,000. The current
ratio at the end of the year was 1.6 and the debt to equity ratio was .8.
Required: Determine the following 2011 amounts and ratios:
a. Current liabilities.
b. Long-term liabilities.
c. Accounts receivable.
d. The acid-test ratio.
Explanation & Answer
Review
Review
24/7 Homework Help
Stuck on a homework question? Our verified tutors can answer all questions, from basic math to advanced rocket science!
Similar Content
Related Tags
Z for Zachariah
by Robert C. O’Brien
A Farewell To Arms
by Ernest Hemingway
The Outsiders
by S.E. Hinton
One Flew Over the Cuckoos Nest
by Ken Kesey
The Elegant Universe
by Brian Greene
Les Miserables
by Victor Hugo
The Eyes Were Watching God
by Zora Neale Hurston
All Quiet on the Western Front
by Erich Maria Remarque
Faust
by Johann Wolfgang von Goethe