Question 1. If current assets equal $25,000, liabilities equal $40,000, and owners equity equals $55,000, the noncurrent assets equal _____?
Question 2. If the current ratio is 2.2:1, current assets are 33,000, and noncurrent assets equal $55,000, then owners' equity is _____ . (Assume that all liabilities are current).
Question 3. What is the current ratio if noncurrent assets equal $60,000, total assets equal $95,000, and owners' equity equals $70,000?