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The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2011 balance sheet reported the following: cash, $1,300,000; prepaid expenses, $360,000; noncurrent assets, $2,400,000; and shareholders' equity, $2,500,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.4

Determine the following 2011 amounts and ratios:
1.Current liabilities.
2.Long-term liabilities.
3.Accounts receivable.
4.The acid-test ratio.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9980500

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