RECOMMENDED!!ACC 211-Use the balance sheets of Glover
Use the balance sheets of Glover shown below to calculate the following ratios for 2017 (round to the hundredths): (4 points) (a) Current ratio. (b) Acid-test ratio. (c) Debt ratio. (d) Equity ratio.Glover Company Balance Sheets December 31, 2017 and 201620172016Assets:Cash$43,000$22,000Accounts receivable40,00042,000Merchandise inventory61,00052,000Prepaid insurance6,0009,000Long-term investments47,00020,000Plant assets (net) 218,000 218,000Total assets $415,000 $363,000Liabilities and Equity:Current liabilities$52,000$75,000Long-term liabilities55,00036,000Common stock150,000150,000Retained earnings 158,000 102,000Total liabilities and equity $415,000 $363,000
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