Current ratio = Current Asset / Current liabilities
2.30 = Current Asset / Current liabilities
Current liabilities = Current assets / 2.30
Acid test ratio = Current assets - Inventory / Current liabilities
1.30 = (Current assets - Inventory) / (Current Asset /2.30)
1.30 * (Current Asset /2.30) = (Current assets - $950,000)
1.30 current assets = 2.30 current assets - $2,185,000
Current Assets = $2,185,000
Current Liabilities = $2,185,000 / 2.30 = $950,000
Debt-Equity ratio = Total Liabilities / Total shareholder's Equity
Where as Total shareholder's Equity = Total Assets - Total Liabilities
1.50 = Total liabilities / (Total Assets - Total Liabilities)
1.50 = Total liabilities / ($3,300,000 - Total liabilities)
$4,950,000 - 1.50 Total liabilities = Total liabilities
Total liabilities = $1,980,000
Long term liabilities = Total liabilities - current liabilities = $1,980,000 - $950,000 = $1,030,000
Total shareholder's Equity = Total Liabilities / 1.50 = $1,320,000
Total Long-term assets = Total Assets - Total Current assets
Total Long-term assets = $3,300,000 - $2,185,000 = $1,115,000
So, Answers
1) Current Assets = $2,185,000
2) Shareholder's Equity = $1,320,000
3) Long-term assets = $1,115,000
4) Long term liabilities = Total liabilities - current liabilities = $1,980,000 - $950,000 = $1,030,000
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