acc305__wk_1_assignments___e3

Apr 17th, 2015
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Hi there.This document contains A+ work for the course ACC 305.I am sure that this work will not disappoint you.This document will give you the correct answers to the respective questions about the particular course.

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E3-18 (Page 152)The current asset section of the Excalibur Tire Companys balance sheet consists of cash, marketablesecurities, accounts receivable, and inventories. The December 31, 2011, balance sheet revealed thefollowing:Required:Determine the following 2011 balance sheet items:1. Current assets2. Shareholders equity3. Noncurrent assets4. Long-term liabilitiesExercise 3-181. Acid-test ratio = Quick assets Current liabilities =Quick assets = Current assets - InventoriesQuick assets = Current assets - $840,0001.20Current assets Current liabilities =Current assets - $840,000 Current liabilities =$840,000 Current liabilities =Current liabilities = $800,000Current assets $800,000 = 2.25Current assets = $1,800,0002.251.201.052. Debt to equity ratio = Total liabilities Shareholders equity = 1.8Total liabilities + Shareholders' equity =

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