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(Answered) Use the balance sheets of Bill (shown below) to calculate the


Use the balance sheets of Bill (shown below) to calculate the
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Use the balance sheets of Bill (shown below) to calculate the following ratios for 2002 (round to the hundredths):,

 

a. Current ratio,

 

b. Acid-test ratio,

 

c. Debt ratio,

 

d. Equity ratio,

 

,

 

Hill Company,

 

Balance Sheet,

 

December 31, 2002-2001,

 

,

 

2002 2001,

 

Asset:,

 

Cash $43,000 $22,000,

 

Accounts receivable 38,000 42,000,

 

Merchandise inventory 61,000 52,000,

 

Prepared insurance 6,000 9,000,

 

Long-term investments 49,000 20,000,

 

Plant assets (net) 218,000 218,000,

 

Total assets $415,000 $363,000 ,

 

,

 

Liabilities and Equity:,

 

Current liabilities $62,000 $75,000,

 

Long-term liabilities 45,000 36,000,

 

Common Stock 150,000 150,000,

 

Retained earnings 158,000 102,000,

 

Total liabilities and equity $415,000 363,000,

 


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