Problem: Spartan Sportswear's current assets consist of cash, marketable securities, accounts receivable, and inventories. The following data was abstracted from a recent financial statement:
Inventories $180,000
Total assets $720,000
Current ratio 2.75
Acid-test ratio 1.5
Debt to equity ratio 1.4
Compute the following for Spartan:
a. Current Assets
b. Shareholders' Equity
c. Long-Term Assets
d. Long-Term Liabilities