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Homework answers / question archive / The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses

The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses

Finance

The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,380,000; prepaid expenses, $440,000; long-term assets, $3,200,000; and shareholders' equity, $3,300,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.8.

 

Required:

Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.)

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