ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case 3-5

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ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case 3-5

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E3-18 (Page 152)The current asset section of the Excalibur Tire Companys 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 assets4. Long-term liabilitiesExercise 3-181.Acid-test ratio = Quick assets Current liabilities =1.20Quick assets = Current assets - InventoriesQuick assets = Current assets - $840,000Current assets Current liabilities = 2.25Current assets - $840,000 Current liabilities = 1.20$840,000 Current liabilities = 1.05Current liabilities = $800,000Current assets $800,000 = 2.25Current assets = $1,800,0002.Debt to equity ratio = Total liabilities Shareholders equity = 1.8Total liabilities + Shareh

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