Most liquid asset, listed first in current assets section of the balance sheet. Two general types:...
Most liquid asset, listed first in current assets section of the balance sheet. Two general types:
______ _____ maturities of less than or equal to 3 months.
_________ _______ – reported separately from cash or disclosed in notes to financial statements.
Homework Answers
Most liquid asset, list first in the current assets section of the balance sheet is Cash.
Supporting explanations:
Because cash is the most liquid asset which can be used to purchase any item through exchange, hence, cash is the first item which is shown under the current assets section of the balance sheet every time.
Two general types: Cash and Cash Equivalents maturities of less than or equal to 3 months.
Supporting explanations:
Cash and Cash Equivalents matures at any point of time unlike any other current asset and cash equivalents are another type of cash which is accepted just like cash.
Contingent current assets reported separately from cash or disclosed in notes to financial statements.
Supporting explanations:
Contingent current assets are those which may or may not occur or happen, hence, they are disclosed under the footnotes of the financial statements.
Add Answer to:
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The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid...
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prepaid expenses, $380,000; long-term assets, $2,600,000; and
shareholders’ equity, $2,700,000. The current ratio at the end of
the year was 2.5 and the debt to equity ratio was 1.5.
Required:
Determine the following 2021 amounts and ratios: (Round
your "The acid-test ratio" answer to 1 decimal place.)
1. Current liabilities 2. Long-term liabilities 3....
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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, $1,320,000;
prepaid expenses, $380,000; long-term assets, $2,600,000; and
shareholders’ equity, $2,700,000. The current ratio at the end of
the year was 2.5 and the debt to equity ratio was 1.5.
Required:
Determine the following 2021 amounts and ratios: (Round
your "The acid-test ratio" answer to 1 decimal place.)
1. Current liabilities 2. Long-term liabilities 3....
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, $1,350,000; prepaid expenses, $410,000; long-term assets, $2,900,000; and shareholders' equity, $3,000,000. The current ratio at the end of the year was 2.6 and the debt to equity ratio was 1.7. Required: Determine the following 2021 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.) 1. Current liabilities 2. Long-term liabilities 3....
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